Question
A record of transactions for the month of May was as follows: Purchases________________________Sales____________________ May 1 (balance)500 @ $4.00May 3400@ $7.00 41,200 @4.106900@ 7.00 8800 @4.3012700@
A record of transactions for the month of May was as follows:
Purchases________________________Sales____________________
May 1 (balance)500 @ $4.00May 3400@ $7.00
41,200 @4.106900@ 7.00
8800 @4.3012700@ 7.50
14900@ 4.4018300 @ 7.50
221,100@ 4.50
Assuming that perpetual inventory records are kept in dollars, determine the ending inventory using FIFO.Note: When computing, round to 2 decimal places
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Management Accounting
Authors: Late RC Sekhar, AV Rajagopalan
1st Edition
195683609, 978-0195683608
