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Additional Problem 1 The following inventory transactions took place for Carla Vista Corporation for the month of May: Date Event Quantity Cost/ Selling Price May
Additional Problem 1
The following inventory transactions took place for Carla Vista Corporation for the month of May:
Date | Event | Quantity | Cost/ Selling Price | |||||
May 1 | beginning inventory | 2,000 | $3.00 | |||||
May 5 | purchase | 5,000 | 3.45 | |||||
May 10 | purchase | 4,000 | 3.75 | |||||
May 15 | sale | 6,000 | 6.00 | |||||
May 20 | sale | 2,000 | 6.00 | |||||
May 22 | purchase | 4,000 | 3.50 | |||||
May 24 | purchase | 2,000 | 3.75 | |||||
May 25 | sale | 6,000 | 6.00 |
Calculate the ending inventory balance for Carla Vista Corporation, assuming the company uses a perpetual inventory system and the first-in, first-out (FIFO) cost formula. (Round answer to 0 decimal places, e.g. 5,275.)
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