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The Hat Store had the following series of transactions for 2016: Date Transaction Description Jan. 1 Beginning inventory 45 units @ $ 20.00 Mar. 15
The Hat Store had the following series of transactions for 2016: |
Date | Transaction | Description | ||||
Jan. 1 | Beginning inventory | 45 units @ | $ | 20.00 | ||
Mar. 15 | Purchased | 220 units @ | $ | 24.00 | ||
May 30 | Sold | 160 units @ | $ | 39.50 | ||
Aug. 10 | Purchased | 245 units @ | $ | 25.00 | ||
Nov. 20 | Sold | 340 units @ | $ | 39.50 | ||
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Required | |
Determine the quantity and dollar amount of inventory at the end of the year, assuming The Hat Store uses the FIFO cost flow assumption and keeps perpetual records. (Round your answers to 2 decimal places.) |
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