Sandhill’s Staff has the following inventory information. July 1 Beginning Inventory 22 units at $92 5 Purchases 125units at $92 14 Sale 80 units 21 Purchases 55 units at $91 30 Sale 50 units Assuming that a perpetual inventory system is used, what is the ending inventory on a FIFO basis?
Sandhill’s Staff has the following inventory information. July 1 Beginning Inventory 22 units at $92 5 Purchases 125units at $92 14 Sale 80 units 21 Purchases 55 units at $91 30 Sale 50 units Assuming that a perpetual inventory system is used, what is the ending inventory on a FIFO basis?
Corporate Financial Accounting
14th Edition
ISBN:9781305653535
Author:Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:Carl Warren, James M. Reeve, Jonathan Duchac
Chapter6: Inventories
Section: Chapter Questions
Problem 6.3BE: Perpetual inventory using LIFO Beginning inventory, purchases, and sales for Item 88-HX are as...
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Question
Sandhill’s Staff has the following inventory information.
July 1
|
Beginning Inventory
|
22 units at $92 | ||
5
|
Purchases
|
125units at $92 | ||
14
|
Sale
|
80 units | ||
21
|
Purchases
|
55 units at $91 | ||
30
|
Sale
|
50 units |
Assuming that a perpetual inventory system is used, what is the ending inventory on a FIFO basis?
$7711
$6349
$6569
$6847
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