Question
A companys inventory records report the following: August 1 Beginning balance 26 units @ $16 August 5 Purchase 21 units @ $15 August 12 Purchase
A companys inventory records report the following:
| August 1 | Beginning balance | 26 units @ $16 |
| August 5 | Purchase | 21 units @ $15 |
| August 12 | Purchase | 25 units @ $16 |
On August 15, it sold 52 units. Using the FIFO perpetual inventory method, what is the value of the inventory at August 15 after the sale?
Multiple Choice
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$940
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$832
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$1,440
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$320
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$340
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Auditing Cases An Interactive Learning Approach
Authors: Mark S. Beasley, Frank A. Buckless, Steven M. Glover, Douglas F. Prawitt
5th International Edition
0132815591, 9780132815598
