Question
The following units of an inventory item were available for sale during the year: Unit Unit Cost Beginning inventory 12 $55 First purchase 29 60
The following units of an inventory item were available for sale during the year:
| Unit | Unit Cost | ||
| Beginning inventory | 12 | $55 | |
| First purchase | 29 | 60 | |
| Second purchase | 33 | 65 | |
| Third purchase | 15 | 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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Taxation Of Individuals And Business Entities 2015
Authors: Brian Spilker, Benjamin Ayers, John Robinson, Edmund Outslay, Ronald Worsham, John Barrick, Connie Weaver
6th Edition
978-1259206955, 1259206955, 77862368, 978-0077862367
