Question
Three identical units of Item K113 are purchased during July, as shown below. Item K113 Units Cost July 9 Purchase 1 166 17 Purchase 1
Three identical units of Item K113 are purchased during July, as shown below.
| Item K113 | Units | Cost | ||
| July | 9 | Purchase | 1 | 166 |
| 17 | Purchase | 1 | 169 | |
| 26 | Purchase | 1 | 197 |
Assume that one unit is sold on July 31 for $266. Determine the ending inventory on July 31 using the first-in,first-out (FIFO) method.
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Managerial Accounting
Authors: Ray H Garrison, Alan Webb, Theresa Libby
11th Canadian Edition
1259275817, 978-1259275814
