Question
Julian Junkets has the following inventory information. July 1 Beginning Inventory 10 units at $90 5 Purchases 60 units at $84 14 Sale 40 units
Julian Junkets has the following inventory information.
| July | 1 | Beginning Inventory | 10 units at $90 | ||
| 5 | Purchases | 60 units at $84 | |||
| 14 | Sale | 40 units | |||
| 21 | Purchases | 30 units at $87 | |||
| 30 | Sale | 28 units |
Assuming that a perpetual inventory system is used, what is the ending inventory on a FIFO basis?
| $2,754 |
| $2,778 |
| $5,796 |
| $2,748 |
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Advanced Financial Reporting And Analysis
Authors: John Dunn, Margaret Stewart
1st Edition
0470973609, 9780470973608
