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A company has the following purchases and sales during October. Using the FIFO periodic inventory method, what is the value of the inventory on October
A company has the following purchases and sales during October. Using the FIFO periodic inventory method, what is the value of the inventory on October 15 after the sale?
| Date | Activities | Units Acquired at Cost | Units Sold at Retail |
|---|---|---|---|
| October 1 | Beginning inventory | 15 units @ $23 = $345 | |
| October 5 | Purchase | 10 units @ $24 = $240 | |
| October 12 | Purchase | 20 units @ $25 = $500 | |
| October 15 | Sales | 30 units sold |
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Financial Accounting
Authors: David Spiceland, Wayne M. Thomas, Don Herrmann
5th edition
1259914895, 978-1259914898
