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can you help me with the answer to this multiple-choice question? Sheffield Bookstore had 470 units on hand at January 1, costing $8 each. Purchases
can you help me with the answer to this multiple-choice question?
Sheffield Bookstore had 470 units on hand at January 1, costing $8 each. Purchases and sales during the month of January were as follows:
Date | Purchases | Sales | |
---|---|---|---|
Jan. 14 | 430 @ $13 | ||
17 | 250 @ $10 | ||
25 | 230 @ $12 | ||
29 | 200 @ $16 |
Sheffield does not maintain perpetual inventory records. According to a physical count, 320 units were on hand at January 31. The cost of the inventory at January 31, under the FIFO method is:
$2560.
$3660.
$3240.
$3370.
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