Question
Following is the inventory activity for July: Beginning Balance 10 sweaters @ $12 each 1-Jul Purchased 5 sweaters at $14 each 8-Jul Purchased 8 sweaters
Following is the inventory activity for July:
|
| Beginning Balance 10 sweaters @ $12 each |
| 1-Jul | Purchased 5 sweaters at $14 each |
| 8-Jul | Purchased 8 sweaters at $17 each |
| 17-Jul | Purchased 6 sweaters at $20 each |
| 24-Jul | Sold 12 sweaters for $30 each |
What is the ending inventory $ amount using the FIFO method?
| $298 | ||
| $224 | ||
| $261 | ||
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Auditing Principles Techniques And Practices
Authors: Mustaq Ahmad, Mohd Ashraf Ali
1st Edition
8184841949, 978-8184841947
