TeCo uses the perpetual method and FIFO costing. TeCo's December 31, 20X5 inventory consists of 800 units
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Question:
TeCo uses the perpetual method and FIFO costing. TeCo's December 31, 20X5 inventory consists of 800 units @ $7. In 20X6, TeCo's merchandise purchases and sales are as follows:
PurchasesSales
February 241,700 @ $9
June 112,000 @ $25
August 172,100 @ $11
September 1 1,600 @ $28
October 193,000 @ $14
November 292,700 @ $30
TeCo's December 31, 20X6 ending inventory is...
a. $18,200
b. $12,600
c. $11,700
d. $10,100
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