Question
For the month of October 2013, Vale Company reported sales that totalled $647,000 units at $21 each. There were 162,000 units on hand on October
For the month of October 2013, Vale Company reported sales that totalled $647,000 units at $21 each. There were 162,000 units on hand on October 30, 2013. The following purchases were made in October 2013:
| Date | Quantity | Unit Cost |
| Oct. 4 | 110,000 | $13 |
| Oct. 8 | 135,000 | 12.5 |
| Oct. 11 | 160,000 | 12 |
| Oct. 24 | 150,000 | 12.4 |
Vale Company uses a periodic FIFO costing system. The company's gross profit for October was $4,117,500
REQUIRED: What is the FIFO cost of the company's inventory on October 1?
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Accounting And Auditing Research Tools And Strategies
Authors: Thomas R. Weirich, Thomas C. Pearson, Natalie Tatiana Churyk
7th Edition
9780470506974
