Question
Lawrence uses a periodic inventory system. Inventory details for July 2020 are as follows: Units Per unit price Total Beginning inventory 200 $5.00 $1,000 January
Lawrence uses a periodic inventory system.
Inventory details for July 2020 are as follows:
Units Per unit price Total
Beginning inventory 200 $5.00 $1,000
January 15th purchase 100 5.30 $530
January 29th purchase 100 5.50 $550
At the end of the month, an Inventory count revealed that 120 units were on hand.
How much greater would ending inventory be under FIFO as compared to average cost?
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ACCA Advanced Audit And Assurance
Authors: Nick Blackwell, Annabel Lefton, Emile Woolf International
1st Edition
1848434715, 978-1848434714
