Question
Pappy's Staff has the following inventory information. July 1 Beginning Inventory 10 units at $90 5 Purchases 60 units at $92 14 Sale 40 units
Pappy's Staff has the following inventory information.
| July | 1 |
| Beginning Inventory | 10 units at $90 |
|
| 5 |
| Purchases | 60 units at $92 |
|
| 14 |
| Sale | 40 units |
|
| 21 |
| Purchases | 30 units at $95 |
|
| 30 |
| Sale | 28 units |
Assuming that a perpetual inventory system is used, what is the ending inventory on a FIFO basis?
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ACCA Financial Accounting Study Text 2022 23
Authors: Emile Woolf International
1st Edition
1848436831, 978-1848436831
