Vaughn Company uses a periodic inventory system. Details for the inventory account for the month of January, 2020 are as follows: Per Units Unit Price Total Balance, 1/1/20 170 $5.00 $850 Purchase, 1/15/20 130 5.10 663 Purchase, 1/28/20 130 5.40 702 12 An end of the month (1/31/20) inventory showed that 240 units were on hand. If the company uses FIFO, what is the value of the ending inventory?

Vaughn Company uses a periodic inventory system. Details for the inventory account for the month of January, 2020 are as follows: Per Units Unit Price Total Balance, 1/1/20 170 $5.00 $850 Purchase, 1/15/20 130 5.10 663 Purchase, 1/28/20 130 5.40 702 12 An end of the month (1/31/20) inventory showed that 240 units were on hand. If the company uses FIFO, what is the value of the ending inventory?

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 3RE: Reid Company uses the periodic inventory system. On January 1, it had an inventory balance of...

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