Question
A company's inventory records indicate the following data for the month of April: April 1 Beginning 350 units at $18 each April 5 Purchase 290
A company's inventory records indicate the following data for the month of April:
| April 1 | Beginning | 350 units at $18 each |
| April 5 | Purchase | 290 units at $20 each |
| April 9 | Sale | 500 units at $55 each |
| April 14 | Purchase | 250 units at $22 each |
| April 20 | Sale | 200 units at $55 each |
| April 30 | Purchase | 240 units at $25 each |
If the company uses the first-in, first-out (FIFO) method and the perpetual inventory system, what would be the cost of the ending inventory?
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| Purchases | Sales | Balance | ||||||
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| Units | Unit cost | Total | Units | Unit cost | Total | Units | Unit cost | Total |
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Intermediate Accounting Volume 1
Authors: Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield, Irene M. Wiecek, Bruce J. McConomy
12th Canadian edition
978-1119496496
