Adam Inc. uses a perpetual inventory system and has the following data for January: Jan. 1 On
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Question:
Adam Inc. uses a perpetual inventory system and has the following data for January:
Jan. 1 | On hand, 10 units @ $2 each | $ 20 |
4 | Sold 8 units @ $10 each | 80 |
22 | Purchased 50 units @ $4 each | 200 |
26 | Sold 48 units @ $10 each | 480 |
If Adam uses the FIFO method, how much is ending inventory on January 31?
a.$12
b.$16
c.$40
d.$8
Related Book For
Cornerstones of Financial and Managerial Accounting
ISBN: 978-1111879044
2nd edition
Authors: Rich, Jeff Jones, Dan Heitger, Maryanne Mowen, Don Hansen
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