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The Hat Store had the following series of transactions for Year 2. Date Transaction Description January 1 Beginning inventory 45 units @ $22.50 March 15
The Hat Store had the following series of transactions for Year 2.
Date | Transaction | Description |
---|---|---|
January 1 | Beginning inventory | 45 units @ $22.50 |
March 15 | Purchased | 180 units @ $26.50 |
May 30 | Sold | 160 units @ $26.50 |
August 10 | Purchased | 310 units @ $27.50 |
November 20 | Sold | 350 units @ $39.75 |
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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