if the FIFO cost flow is used, what is the cost of inventory DATEUNITSUNIT COST TOTAL COST560,000211,50070Beg Inventory 8,000PurchaseJanuary 1January 6February 5March 53,00070.510,00011,000Sale808,50058,800Purchase73.5March 8Purchase Return 80073.5Sale7,000April 10April 30Sales return300

Total units available for sale = Beginning inventory + purchases - purchase return =…

DATE UNITS UNIT COST TOTAL COST 560,000 211,500 70 January 1 January 6 February 5 March 5 Beg Inventory 8,000 3,000 10,000 Purchase 70.5 Sale Purchase 11,000 73.5 808,500 73.5 58,800 Purchase Return 800 7,000 March 8 Sale April 10 April 30 Sales return 300

DATE UNITS UNIT COST TOTAL COST 560,000 211,500 70 January 1 January 6 February 5 March 5 Beg Inventory 8,000 3,000 10,000 Purchase 70.5 Sale Purchase 11,000 73.5 808,500 73.5 58,800 Purchase Return 800 7,000 March 8 Sale April 10 April 30 Sales return 300

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

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Question

if the FIFO cost flow is used, what is the cost of inventory

DATE
UNITS
UNIT COST TOTAL COST
560,000
211,500
70
Beg Inventory 8,000
Purchase
January 1
January 6
February 5
March 5
3,000
70.5
10,000
11,000
Sale
808,500
58,800
Purchase
73.5
March 8
Purchase Return 800
73.5
Sale
7,000
April 10
April 30
Sales return
300

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