Question
Company A started business in 2017 and uses the FIFO method. During 2017, it purchased 45,000 units of inventory at 10 each and sold 40,000
Company A started business in 2017 and uses the FIFO method. During 2017, it purchased 45,000 units of inventory at 10 each and sold 40,000 units for 20 each. In 2018, it purchased another 50,000 units at 11 each and sold 45,000 units for 22 each. How much was its 2018 ending inventory balance ( thousands)?
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Survey Of Accounting
Authors: Carl S. Warren
1st Edition
0538870850, 9780538870856
