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FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Please do not give solution in image format thanku

Transcribed Image Text:The Hat Store had the following series of
transactions for Year 2. Date Transaction
Description January 1 Beginning inventory 70 units
@ $22.50 March 15 Purchased 190 units @ $26.50
May 30 Sold 170 units @ $26.50 August 10
Purchased 255 units @ $27.50 November 20 Sold
335 units @ $38.50 Required a. Determine the
quantity and dollar amount of inventory at the end
of the year, assuming The Hat Store uses the FIFO
cost flow assumption and keeps perpetual records.
(Round your answers to 2 decimal places.)
Expert Solution
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