Question
Inventory data for Mason Concrete Products for the year ended December 31, 2021, are as follows: Beginning inventory 50 units at $150 each March 31
Inventory data for Mason Concrete Products for the year ended December 31, 2021, are as follows:
Beginning inventory 50 units at $150 each
March 31 purchase 50 units at $155 each
Sales from January 1 to June 30 60 units
July 1 purchase 55 units at $160 each
Sales from July 1 to December 3170 units
September 30 purchase 60 units at $170 each
Instructions
Compute the perpetual ending inventory balance on December 31, 2021, using FIFO.
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Accounting for Governmental and Nonprofit Entities
Authors: Jacqueline L. Reck, James E. Rooks, Suzanne Lowensohn, Daniel Neely
18th edition
1260190080, 1260190083, 978-1259917059
