Tinker Bell Company has the following: Units Unit Cost ---------- -------------- Inventory, Jan. 1 8,000 $11 Purchase, June 19 13,000 12 Purchase, Nov. 8 5,000 13 If Tinker Bell has 9000 units on hand at Dec. 31, the cost of the ending inventory under FIFO is:

Tinker Bell Company has the following: Units Unit Cost ---------- -------------- Inventory, Jan. 1 8,000 $11 Purchase, June 19 13,000 12 Purchase, Nov. 8 5,000 13 If Tinker Bell has 9000 units on hand at Dec. 31, the cost of the ending inventory under FIFO is:

Name: Tinker Bell Company has the following:
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Description: Tinker Bell Company has the following: Units Unit Cost ----------

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Concept explainers

Inventory Valuation

Before discussing the topic inventory valuation let’s discuss the meaning of inventory. In accounting, inventory is also known as stock. Inventory means all the finished goods, materials, merchandise that a business holds for the purpose of selling it in the market with the motive of earning profit.

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Tinker Bell Company has the following:

Units Unit Cost

---------- --------------

Inventory, Jan. 1 8,000 $11

Purchase, June 19 13,000 12

Purchase, Nov. 8 5,000 13

If Tinker Bell has 9000 units on hand at Dec. 31, the cost of the ending inventory under FIFO is:

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