Question
Three identical units of item k113 are purchased during July, as shown below. Item K113 Units Cost July 9 purchase 1 163 17 Purchase 1
Three identical units of item k113 are purchased during July, as shown below.
Item K113 Units Cost July 9 purchase 1 163 17 Purchase 1 169 26 Purchase 1 193.
Assume that one unit is sold on July 31 for $255. Determine the ending inventory on July 31 using the first-in, first-set (FIFO) method.
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Cornerstones of Managerial Accounting
Authors: Maryanne M. Mowen, Don Hanson, Dan L. Heitger, David McConomy, Jeffrey Pittman
2nd Canadian edition
978-0176721237, 978-0176530884
