Question
The following units of an inventory item were available for sale during the year: Unit Unit Cost Beginning inventory 15 $55 First purchase 27 60
The following units of an inventory item were available for sale during the year:
| Unit | Unit Cost | ||
| Beginning inventory | 15 | $55 | |
| First purchase | 27 | 60 | |
| Second purchase | 35 | 65 | |
| Third purchase | 17 | 70 | |
The firm uses the periodic inventory system. During the year, 62 units of the item were sold.
The value of ending inventory using FIFO is
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Audit Committee Essentials
Authors: Curtis C. Verschoor
1st Edition
0471699594, 978-0471699590
