Answered step by step
Verified Expert Solution
Question
1 Approved Answer
RJ Corporation has provided the following information about one of its inventory items: Date Transaction Number of Units Cost per Unit 1/1 Beginning Inventory 416
RJ Corporation has provided the following information about one of its inventory items:
Date | Transaction | Number of Units | Cost per Unit | ||||
1/1 | Beginning Inventory | 416 | $ | 3,320 | |||
6/6 | Purchase | 816 | $ | 3,700 | |||
9/10 | Purchase | 1,216 | $ | 4,100 | |||
11/15 | Purchase | 816 | $ | 4,120 | |||
During the year, RJ sold 2,970 units.
What was ending inventory using the FIFO cost flow assumption?
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started