A company values its inventory using the first-in, first-out (FIFO) method. On 1 May 2010 the company

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A company values its inventory using the first-in, first-out (FIFO) method. On 1 May 2010 the company had 700 engines in inventory, valued at $190 each. During the year ended 30 April 2012 the following transactions took place:

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What is the value of the company’s closing inventory of engines on 30 April 2011?

a. $188 500

b. $195 500

c. $166 000

d. $106 000 ACCA adaptedLO1.

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Financial Accounting A Global Perspective

ISBN: 9780470518403

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Authors: Rod Monger

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Question Posted: Jun 16, 2024 04:20 AM

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A company values its inventory using the first-in, first-out (FIFO) method. On 1 May 2010 the company

Question:

2010 1 July Purchased 500 engines at $220 each 1 November Sold 400 engines for $160 000 2011 1 February Purchased 300 engines at $230 each 15 April Sold 2.50 engines for $125 000

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Financial Accounting A Global Perspective

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