Question
Quayle Bookstore had the following beginning inventory, purchases, and sales during the month of January: Date Beginning Inventory/Purchases Sales Jan. 01 500 @ $9 14
Quayle Bookstore had the following beginning inventory, purchases, and sales during the month of January:
Date Beginning Inventory/Purchases Sales
Jan. 01 500 @ $9
14 380 @ $15
17 250 @ $10
25 250 @ $12
29 260 @ $17
Quayle uses the perpetual inventory method. According to a physical count, 360 units were on hand at January 31 (ending inventory).
The cost of the inventory at January 31 (ending inventory), under the FIFO method is:
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Management Control Systems
Authors: Frank G.H. Hartmann Professor, Kalle Kraus, Göran Nilsson, Robert N. Anthony, Vijay Govindarajan
2nd Edition
1526848317, 978-1526848314
