Question
The Hat Store had the following series of transactions for Year 2: Date Transaction Description Jan. 1 Beginning inventory 30 units @ $ 21.00 Mar.
The Hat Store had the following series of transactions for Year 2:
| Date | Transaction | Description | ||||||
| Jan. 1 | Beginning inventory | 30 | units | @ | $ | 21.00 | ||
| Mar. 15 | Purchased | 220 | units | @ | $ | 25.00 | ||
| May 30 | Sold | 170 | units | @ | $ | 39.50 | ||
| Aug. 10 | Purchased | 260 | units | @ | $ | 26.00 | ||
| Nov. 20 | Sold | 330 | units | @ | $ | 39.50 | ||
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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Finance And Accounting For Nonfinancial Managers
Authors: Steven A. Finkler
5th Edition
9780808046905
