Question
Rally Wheels, Inc. had the following balances and transactions during 2018: Beginning Merchandise Inventory as of January 1, 2018 240 units at $ 70 March
Rally Wheels, Inc. had the following balances and transactions during 2018:
Beginning Merchandise Inventory as of January 1, 2018 240 units at $ 70
March 10 Sold 60 units
June 10 Purchased 960 units at $ 77
October 30 Sold 150 units
What would the company's ending merchandise inventory cost be on December 31, 2018 if the perpetual inventory system and the last in, first out inventory costing method are used?
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Financial Accounting International Financial Reporting Standards Global Edition
Authors: Charles T. Horngren, C. William Thomas, Wendy M. Tietz, Themin Suwardy, Walter T. Harrison
11th Edition
9781292211145
