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S63 Schwenn Cycles uses the FIFO inventory method. Schwenn started June with five bicycles that cost $190 each. On June 16, Schwenn bought 20 bicycles
- S63 Schwenn Cycles uses the FIFO inventory method. Schwenn started June with five bicycles that cost $190 each. On June 16, Schwenn bought 20 bicycles at $200 each. On June 30, Schwenn sold 15 bicycles. Prepare Schwenns perpetual inventory record.
Perpetual inventory recordFIFO
Ending inventory, $2,000
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Intermediate Accounting Volume 1
Authors: Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield, Irene M. Wiecek, Bruce J. McConomy
13th Canadian Edition
1119740460, 978-1119740469
