Question
A company has the following purchases and sales during February. Using the FIFO periodic inventory method, what is the cost of the 12 units that
A company has the following purchases and sales during February. Using the FIFO periodic inventory method, what is the cost of the 12 units that are sold?
Date Activities Units Acquired at Cost Units Sold at Retail
February 1 Beginning inventory 10 units @ $26 = $260
February 3 Purchase 20 units @ $28 = $560
February 5 Sales 12 units sold
$306
$272
$312
332
$316
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Research Methods In Accounting
Authors: Malcolm Smith
6th Edition
1529779774, 978-1529779776
