Question
The following units of an inventory item were available for sale during the year: Unit Unit Cost Beginning inventory 13 $55 First purchase 26 60
The following units of an inventory item were available for sale during the year:
| Unit | Unit Cost | ||
| Beginning inventory | 13 | $55 | |
| First purchase | 26 | 60 | |
| Second purchase | 34 | 65 | |
| Third purchase | 19 | 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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HRD Score Card 2500 Based On HRD Audit
Authors: T V Rao
1st Edition
8178298368, 978-8178298368
