{ "key_pair_value_system": true, "answer_rating_count": "", "question_feedback_html": { "html_star": "", "html_star_feedback": "" }, "answer_average_rating_value": "", "answer_date_js": "2024-05-26T11:03:37-04:00", "answer_date": "2024-05-26 11:03:37", "is_docs_available": "", "is_excel_available": "", "is_pdf_available": "", "count_file_available": 0, "main_page": "student_question_view", "question_id": "1735619", "url": "\/study-help\/questions\/retail-inc-uses-the-fifo-cost-formula-in-a-perpetual-1735619", "question_creation_date_js": "2024-05-26T11:03:37-04:00", "question_creation_date": "May 26, 2024 11:03 AM", "meta_title": "[Solved] Retail Inc. uses the FIFO cost formula in | SolutionInn", "meta_description": "Answer of - Retail Inc. uses the FIFO cost formula in a perpetual inventory system. Below is the inventory record for September, 2 | SolutionInn", "meta_keywords": "retail,inc,fifo,cost,formula,perpetual,inventory,system,below,record,september,2021", "question_title_h1": " Retail Inc. uses the FIFO cost formula in a perpetual inventory system. Below is the inventory record for September, 2021: Sep 1 Beginning inventory", "question_title": " Retail Inc. uses the FIFO cost formula in a perpetual inventory", "question_title_for_js_snippet": "Retail Inc uses the FIFO cost formula in a perpetual inventory system Below is the inventory record for September, 2021 Sep 1 Beginning inventory 20 units $19 per unit Purchases Sep 7 70 units $20 per unit 8 Sales 50 units $30 per unit Sales 25 units $31 per unit 10 Purchases 50 units $22 per unit Sep 22 Sales 40 units $28 per unit If Retail Inc used the average cost formula instead of FIFO, gross profit from the September 8 sale would be cannot be determined higher lower the same ", "question_description": "\"image", "transcribed_text": "Retail Inc. uses the FIFO cost formula in a perpetual inventory system. Below is the inventory record for September, 2021: Sep 1 Beginning inventory 20 units @ $19 per unit Purchases Sep 7 70 units @$20 per unit 8 Sales 50 units @$30 per unit Sales 25 units @$31 per unit 10 Purchases 50 units @$22 per unit Sep 22 Sales 40 units @ $28 per unit If Retail Inc. used the average cost formula instead of FIFO, gross profit from the September 8 sale would be cannot be determined. higher. lower. the same.", "related_book": { "title": "Financial Accounting an introduction to concepts, methods and uses", "isbn": "978-0538776080, 324651147, 538776080, 9780324651140, 978-0324789003", "edition": "13th Edition", "authors": "Clyde P. Stickney, Roman L. Weil, Katherine Schipper, Jennifer Francis", "cover_image": "https:\/\/dsd5zvtm8ll6.cloudfront.net\/si.question.images\/book_images\/65.jpg", "uri": "\/textbooks\/financial-accounting-an-introduction-to-concepts-methods-and-uses-13th-edition-65", "see_more_uri": "" }, "free_related_book": { "isbn": "1420154966", "uri": "\/textbooks\/three-cowboys-and-a-puppy-978-1420154962-107651", "name": "Three Cowboys And A Puppy", "edition": "" }, "question_posted": "2024-05-26 11:03:37", "see_more_questions_link": "\/study-help\/questions\/business-marketing-2022-June-08", "step_by_step_answer": "The Answer is in the image, click to view ...", "students_also_viewed": [ { "url": "\/study-help\/questions\/describe-the-risk-assessment-approach-used-for-enterprise-risk-managementerm-380357", "description": "Describe the risk assessment approach used for Enterprise Risk Management(ERM) at Worker's Compensation Fund(WCF). How does this approach compare to ISO 31000? 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