A company has a beginning inventory of 15 units at a cost of $12 each on October
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Question:
A company has a beginning inventory of 15 units at a cost of $12 each on October 1. On October 5, he buys 10 units for $13 per unit. On October 12, he buys 20 units for $14 per unit. On October 15, he sells 30 units.
Using the FIFO periodic inventory method, What is the value of the inventory on October 15 after the sale?
Related Book For
Income Tax Fundamentals 2013
ISBN: 9781285586618
31st Edition
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
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