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Waite Company just starting business had the following transactions in May: Purchase June 1 Sale June 5 Purchase June 10 130 units @ 5.50 100 units @ 8.00 200 units @ 5.60 $ 715.00 $ 800.00 $1,120.00 Purchase June 15 200 units @ 5.70 $1,140.00 Sale June 25 325 units @ 8.00 $2,600.00 Purchase June 28 150 units @ 5.90 $ 885.00 A physical count of merchandise Inventory on May 31st reveals that there are 255 units on hand. Assume that no returns occurred during the month and no discounts were given. Using the periodic inventory method calculate Ending Inventory under FIFO. O $3,860.00 $2,390.00 O $1,470.00 O $1,483.50

Waite Company just starting business had the following transactions in May: Purchase June 1 Sale June 5 Purchase June 10 130 units @ 5.50 100 units @ 8.00 200 units @ 5.60 $ 715.00 $ 800.00 $1,120.00 Purchase June 15 200 units @ 5.70 $1,140.00 Sale June 25 325 units @ 8.00 $2,600.00 Purchase June 28 150 units @ 5.90 $ 885.00 A physical count of merchandise Inventory on May 31st reveals that there are 255 units on hand. Assume that no returns occurred during the month and no discounts were given. Using the periodic inventory method calculate Ending Inventory under FIFO. O $3,860.00 $2,390.00 O $1,470.00 O $1,483.50

FINANCIAL ACCOUNTING
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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Waite Company just starting business had the following transactions in May: Purchase June 1 Sale June 5 Purchase June 10 130 units @ 5.50 100 units @ 8.00 200 units @ 5.60 $ 715.00 $ 800.00 $1,120.00 Purchase June 15 200 units @ 5.70 $1,140.00 Sale June 25 325 units @ 8.00 $2,600.00 Purchase June 28 150 units @ 5.90 $ 885.00 A physical count of merchandise Inventory on May 31st reveals that there are 255 units on hand. Assume that no returns occurred during the month and no discounts were given. Using the periodic inventory method calculate Ending Inventory under FIFO. O $3,860.00 $2,390.00 O $1,470.00 O $1,483.50
Transcribed Image Text:Waite Company just starting business had the following transactions in May: Purchase June 1 Sale June 5 Purchase June 10 130 units @ 5.50 100 units @ 8.00 200 units @ 5.60 $ 715.00 $ 800.00 $1,120.00 Purchase June 15 200 units @ 5.70 $1,140.00 Sale June 25 325 units @ 8.00 $2,600.00 Purchase June 28 150 units @ 5.90 $ 885.00 A physical count of merchandise Inventory on May 31st reveals that there are 255 units on hand. Assume that no returns occurred during the month and no discounts were given. Using the periodic inventory method calculate Ending Inventory under FIFO. O $3,860.00 $2,390.00 O $1,470.00 O $1,483.50
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