Question
The following units of an inventory item were available for sale during the year: Beginning inventory 7 units at $51 First purchase 17 units at
The following units of an inventory item were available for sale during the year:
| Beginning inventory | 7 units at $51 |
| First purchase | 17 units at $52 |
| Second purchase | 23 units at $57 |
| Third purchase | 17 units at $59 |
The firm uses the periodic inventory system. During the year, 37 units of the item were sold.
The value of ending inventory using FIFO is
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Practical Steps To Forensic Auditing And Fraud Investigation
Authors: Enape Victoria Ayishetu
1st Edition
1669867048, 978-1669867043
