The Hat Store had the following series of transactions for Year 2. Date Transaction Description January 1 Beginning inventory 40 units @ $20.00 March 15 Purchased 180 units @ $24.00 May 30 Sold 170 units @ $ 24.00 August 10 Purchased 315 units @ $25.00 November 20 Sold 350 units @ $44.75 Required a. Determine the quantity and dollar amount of inventory at the end of the year, assuming The Hat Store uses the FIFO cost flow assumption and keeps perpetual records. (Round your answers to 2 decimal places.)TT

Financial Accounting
15th Edition
ISBN:9781337272124
Author:Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:Carl Warren, James M. Reeve, Jonathan Duchac
Chapter7: Inventories
Section: Chapter Questions
Problem 1PEB: The following three identical units of Item Beta are purchased during June: Assume that one unit is...
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The Hat Store had the following series of transactions for Year 2. Date Transaction Description January 1
Beginning inventory 40 units @ $20.00 March 15 Purchased 180 units @ $24.00 May 30 Sold 170 units @ $
24.00 August 10 Purchased 315 units @ $25.00 November 20 Sold 350 units @ $44.75 Required a.
Determine the quantity and dollar amount of inventory at the end of the year, assuming The Hat Store
uses the FIFO cost flow assumption and keeps perpetual records. (Round your answers to 2 decimal
places.)TT
Transcribed Image Text:The Hat Store had the following series of transactions for Year 2. Date Transaction Description January 1 Beginning inventory 40 units @ $20.00 March 15 Purchased 180 units @ $24.00 May 30 Sold 170 units @ $ 24.00 August 10 Purchased 315 units @ $25.00 November 20 Sold 350 units @ $44.75 Required a. Determine the quantity and dollar amount of inventory at the end of the year, assuming The Hat Store uses the FIFO cost flow assumption and keeps perpetual records. (Round your answers to 2 decimal places.)TT
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