Question
The Hat Store had the following series of transactions for Year 2. Date Transaction Description January 1 Beginning inventory 30 units @ $21.00 March 15
The Hat Store had the following series of transactions for Year 2.
| Date | Transaction | Description |
|---|---|---|
| January 1 | Beginning inventory | 30 units @ $21.00 |
| March 15 | Purchased | 205 units @ $25.00 |
| May 30 | Sold | 180 units @ $25.00 |
| August 10 | Purchased | 305 units @ $26.00 |
| November 20 | Sold | 350 units @ $43.25 |
Required a. 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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Tax Audit Guidelines For The State Of California Employment Development Department
Authors: State Of California, Employment Development Department
1st Edition
B0C1J7KT6R, 979-8390634066
