FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Question

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A company's inventory records report the following: Date August 1 August 5 August 12 August 15 Beginning inventory Purchase Purchase Sales Multiple Choice $680 Activities $240 $210 Using the FIFO perpetual inventory method, what is the value of the inventory at August 15 after the sale? Units Acquired at Cost 15 units @ $22 $330 = $230 10 units @ $23 20 units @ $24 = $480 Units Sold at Retail 30 units sold
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Transcribed Image Text:A company's inventory records report the following: Date August 1 August 5 August 12 August 15 Beginning inventory Purchase Purchase Sales Multiple Choice $680 Activities $240 $210 Using the FIFO perpetual inventory method, what is the value of the inventory at August 15 after the sale? Units Acquired at Cost 15 units @ $22 $330 = $230 10 units @ $23 20 units @ $24 = $480 Units Sold at Retail 30 units sold
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