The following units of an item were available for sale during the year: Beginning inventory 22 units @ $45 Sale 16 units @ $72 First purchase 30 units @ $48 Sale 23 units @ $73 Second purchase 27 units @ $51 Sale 14 units @ $74 The firm uses the perpetual inventory system, and there are 26 units of the item on hand at the end of the year. a. What is the total cost of the ending inventory according to FIFO?
The following units of an item were available for sale during the year: Beginning inventory 22 units @ $45 Sale 16 units @ $72 First purchase 30 units @ $48 Sale 23 units @ $73 Second purchase 27 units @ $51 Sale 14 units @ $74 The firm uses the perpetual inventory system, and there are 26 units of the item on hand at the end of the year. a. What is the total cost of the ending inventory according to FIFO?
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter7: Inventories: Cost Measurement And Flow Assumptions
Section: Chapter Questions
Problem 12RE: Carla Company uses the perpetual inventory system. The following information is available for...
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