Question
Eneri Company's inventory records show the following data: Date Units Unit Cost January 1 Inventory 10,000 $ 9.20 June 18 Purchase 9,000 $ 8.00 November
Eneri Company's inventory records show the following data:
| Date |
| Units | Unit Cost |
| January 1 | Inventory | 10,000 | $ 9.20 |
| June 18 | Purchase | 9,000 | $ 8.00 |
| November 8 | Purchase | 5,000 | $ 7.00 |
A physical inventory on December 31 shows 4,000 units on hand. Eneri sells the units for $13 each. The company has an effective tax rate of 20%. Eneri uses the periodic inventory method. Under the FIFO method, the December 31 inventory is valued at?
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Financial Reporting The Theoretical And Regulatory Framework
Authors: D A V I D Alexander
2nd Edition
0412357909, 978-0412357909
