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An organisation's inventory at 1 July was 15 units at a cost of $3.00 each. The following movement occur: 3 July 20X4 5 units
An organisation's inventory at 1 July was 15 units at a cost of $3.00 each. The following movement occur: 3 July 20X4 5 units sold at $3.30 each 8 July 20X4 10 units bought at $3.50 each 12 July 20X4 8 units sold at $4.00 each What was the value of closing inventory at 31 July, if the FIFO method of inventory valuation is used? A. $31.50. B. $36.00. C. $39.00. D. $41.00.
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Accounting concepts and applications
Authors: Albrecht Stice, Stice Swain
11th Edition
978-0538750196, 538745487, 538750197, 978-0538745482
