Question
Peter Co uses a periodic inventory system and purchases (use 4 decimal points for unit cost) for the month of August were: Date Units Unit
Peter Co uses a periodic inventory system and purchases (use 4 decimal points for unit cost) for the month of August were:
| Date | Units | Unit cost $ | |
| Beginning Inventory | 1-Aug | 2800 | 2.9378 |
| Purchase | 10-Aug | 7500 | 3.2816 |
| Purchase | 21-Aug | 2100 | 4.1869 |
| Purchase | 29-Aug | 6900 | 4.1477 |
Sales during the year were 12500 units. Peter Co uses the FIFO assumption with the periodic inventory method. The value of the closing inventory at the end of the period is:
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Survey of Accounting
Authors: Edmonds, old, Mcnair, Tsay
2nd edition
9780077392659, 978-0-07-73417, 77392655, 0-07-734177-5, 73379557, 978-0073379555
