Question

The Party Store had the following series of transactions for 2013:


Required
a. Determine the quantity and dollar amount of inventory at the end of the year, assuming The Party Store uses the FIFO cost flow assumption and keeps perpetual records.
b. Write a memo explaining why The Party Store, would have difficulty applying the weighted-average method on a perpetualbasis.


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  • CreatedOctober 26, 2013
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