If the first-in, first-out (FIFO) method of inventory (stock) valuation is used, what is the amount of
Question:
If the first-in, first-out (FIFO) method of inventory (stock) valuation is used, what is the amount of closing inventory (stock)?
(a) £1,740
(b) £1,750
(c) £2,500
(d) £5,500
The following information applies to question.
On 31 December Year 1, James White and Co carried out its annual physical stocktaking counting 25 DVD players, each of which had cost £100. During Year 2, further purchases were made as follows:
Annual sales totalled 52 DVD players at total sales revenue of £9,350. Dates of sale are not recorded.
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