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The Hat Store had the following series of transactions for Year 2. Date Transaction Description January 1 Beginning inventory 40 units @ $22.00 March 15
The Hat Store had the following series of transactions for Year 2. Date Transaction Description January 1 Beginning inventory 40 units @ $22.00 March 15 Purchased 180 units @ $26.00 May 30 Sold 150 units @ $26.00 August 10 Purchased 270 units @ $27.00 November 20 Sold 330 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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