The Hat Store had the following series of transactions for Year 2. Date Transaction Description January 1 Beginning inventory 70 units @ $22.00 March 15 Purchased 195 units @ $26.00 May 30 Sold 170 units @ $26.00 August 10 Purchased 265 units @ $27.00 November 20 Sold 340 units @ $39.75 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.) Only typing answer Please answer explaining in detail step by step without table and graph thankyou
The Hat Store had the following series of transactions for Year 2. Date Transaction Description January 1 Beginning inventory 70 units @ $22.00 March 15 Purchased 195 units @ $26.00 May 30 Sold 170 units @ $26.00 August 10 Purchased 265 units @ $27.00 November 20 Sold 340 units @ $39.75 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.) Only typing answer Please answer explaining in detail step by step without table and graph thankyou
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter7: Inventories: Cost Measurement And Flow Assumptions
Section: Chapter Questions
Problem 11E: Alternative Inventory Methods Nevens Company uses a periodic inventory system. During November, the...
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The Hat Store had the following series of transactions for Year 2. Date Transaction Description January 1 Beginning inventory 70 units @ $22.00 March 15 Purchased 195 units @ $26.00 May 30 Sold 170 units @ $26.00 August 10 Purchased 265 units @ $27.00 November 20 Sold 340 units @ $39.75 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.)
Only typing answer
Please answer explaining in detail step by step without table and graph thankyou
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