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On January 1, 2007, Nichols Company's inventory of Item X consisted of 2,000 units that cost $8 each. During 2007 the company purchased 5,000 units
- On January 1, 2007, Nichols Company's inventory of Item X consisted of 2,000 units that cost $8 each. During 2007 the company purchased 5,000 units of Item X at $10, each, and it sold 4,500 units. Periodic inventory procedure is used. Cost of ending inventory using FIFO is:A.$25,000.
- B.$20,500.
- C.$37,500.
- D.$53,500.
- E.None of these.
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Advanced Financial Accounting
Authors: Richard Baker, Valdean Lembke, Thomas King, Cynthia Jeffrey
8th Edition
73526916, 978-0073526911
