Question
A company's inventory records report the following: August 1 Beginning balance 25 units @ $15 August 5 Purchase 20 units @ $14 August 12 Purchase
A company's inventory records report the following:
August 1 Beginning balance 25 units @ $15
August 5 Purchase 20 units @ $14
August 12 Purchase 24 units @ $15
On August 15, it sold 50 units. Using the FIFOperpetualinventory method, what is the value of the inventory at August 15 after the sale?
a. $1,311
b. $855
c. $750
d. $285
e. $305
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Financial Accounting in an Economic Context
Authors: Jamie Pratt
10th edition
978-1-119-3061, 1119306167, 978-1119444367
