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Question 2 ( 5 marks) Widgets Company, a company that sells only one type of widget, had a beginning inventory in September of 11 units,
Question 2 ( 5 marks) Widgets Company, a company that sells only one type of widget, had a beginning inventory in September of 11 units, at $200/ unit. Throughout the first two weeks, they purchased additional inventory in the amount of 5 widgets at $209/ widget and 9 widgets at $220 each. During the third week, they sold 12 widgets at $420 /each. If the replacement cost decreased to $205 in October, and the company is using FIFO, what is the adjustment that should be made to the inventory account
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