Question
The Hat Store had the following series of transactions for Year 2: Date Transaction Description Jan. 1 Beginning inventory 40 units @ $ 21.00 Mar.
The Hat Store had the following series of transactions for Year 2:
| Date | Transaction | Description | ||||||
| Jan. 1 | Beginning inventory | 40 | units | @ | $ | 21.00 | ||
| Mar. 15 | Purchased | 215 | units | @ | $ | 25.00 | ||
| May 30 | Sold | 150 | units | @ | $ | 40.25 | ||
| Aug. 10 | Purchased | 240 | units | @ | $ | 26.00 | ||
| Nov. 20 | Sold | 330 | units | @ | $ | 40.25 | ||
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 intermediate and final answers to 2 decimal places.)
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Accounting Principles
Authors: Jerry Weygandt, Paul Kimmel, Donald Kieso
11th Edition
111856667X, 978-1118566671
