Question
A company uses the periodic inventory system and has provided the following information about one of its laptop computers: Date Transaction Number of Units Cost
A company uses the periodic inventory system and has provided the following information about one of its laptop computers:
| Date | Transaction | Number of Units | Cost per Unit |
| 1/1 | Beginning inventory | 400 | $ 200 |
| 4/14 | Purchase | 300 | $ 100 |
| 9/20 | Purchase | 700 | $ 300 |
| 11/5 | Purchase | 200 | $ 100 |
During the year, the company sold 1,100 laptop computers.
What was ending inventory using the FIFO cost flow assumption?
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Financial Accounting
Authors: Robert Libby, Patricia Libby, Daniel Short, George Kanaan, M
5th Canadian edition
9781259105692, 978-1259103285
