Question
Otis Corp. uses a periodic system and the FIFO method. Otis had begun an inventory of 30 units purchased at $120 each and made the
Otis Corp. uses a periodic system and the FIFO method. Otis had begun an inventory of 30 units purchased at $120 each and made the following purchases during the year:
Jan. 15: 34 units at $100
May 30: 61 units at $84
Oct. 20: 160 units at $60
Sales during the year totaled 271 units.
Required:
What is the cost of ending inventory?
Step by Step Solution
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Step: 1
Total units available for sale 3034...
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Step: 2
Step: 3
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Management and Cost Accounting
Authors: Colin Drury
10th edition
1473748873, 9781473748910 , 1473748917, 978-1473748873
