Assume the following data for Burnette Sales for 2020: December 31, a physical count reveals 15 units

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Assume the following data for Burnette Sales for 2020:

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December 31, a physical count reveals 15 units on hand.
Under the FIFO method (assuming a perpetual inventory system), what would ending inventory be valued at?

a. $\$ 105$

b. $\$ 162$

c. $\$ 115$

d. $\$ 135$

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Horngrens Accounting Volume 1

ISBN: 9780135359709

11th Canadian Edition

Authors: Tracie Miller Nobles, Brenda Mattison, Ella Mae Matsumura, Carol Meissner, JoAnn Johnston, Peter Norwood

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Question Posted: May 09, 2024 02:01 AM

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Assume the following data for Burnette Sales for 2020: December 31, a physical count reveals 15 units

Question:

Beginning inventory Mar. 18 Purchased Sold 10 units at $7 each 15 units at $9 each 20 units at $15 each Jun. 10 Purchased Sold 20 units at $10 each Oct. 30 Purchased Sold 12 units at $15 each 12 units at $11 each 10 units at $16 each

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Horngrens Accounting Volume 1

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