Question
The units of an item available for sale during the year were as follows: Jan. 1 Inventory 25 units at $45 Mar. 4 Purchase 15
The units of an item available for sale during the year were as follows: Jan. 1 Inventory 25 units at $45 Mar. 4 Purchase 15 units at $50 June 7 Purchase 35 units at $58 Nov. 15 Purchase 20 units at $65 There are 30 units of the item in the physical inventory at December 31. The periodic inventory system is used. Determine the ending inventory cost using FIFO.
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Managerial Accounting Tools For Business Decision Making
Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso, Ibrahim M. Aly
5th Canadian Edition
1119403995, 9781119403999
