Question
Use the following information to answer the following questions: Beginning Inventory: 10,000 Units @ $4.00/unit Purchase Layer #1: 5,000 Unit @ $4.00/unit Purchase Layer #2:
Use the following information to answer the following questions:
Beginning Inventory: 10,000 Units @ $4.00/unit
Purchase Layer #1: 5,000 Unit @ $4.00/unit
Purchase Layer #2: 5,000 Unit @ $5.00/unit
Purchase Layer #3: 5,000 Unit @ $6.00/unit
Sales Layer #1: 6,000 units at $15.00/unit
Sales Layer #2: 4,000 units at $15.00/unit
What is the ending inventory value using FIFO?
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Auditing A Business Risk Approach
Authors: Larry E. Rittenberg, Karla Johnstone, Audrey Gramling
7th Edition
0324663722, 978-0324663723
