Otis Corp. uses a periodic system and the FIFO method. Otis had begun an inventory of 30

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Otis Corp. uses a periodic system and the FIFO method. Otis had begun an inventory of 30 units purchased at $120 each and made the following purchases during the year:

Jan. 15: 34 units at $100

May 30: 61 units at $84

Oct. 20: 160 units at $60

Sales during the year totaled 271 units.

Required:

What is the cost of ending inventory?

Related Book For answer-question

Management and Cost Accounting

ISBN: 978-1473748873

10th edition

Authors: Colin Drury

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Posted Date: Dec 17, 2018 12:58 AM

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Otis Corp. uses a periodic system and the FIFO method. Otis had begun an inventory of 30

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Total units available for sale 3034... View the full answer

Management and Cost Accounting

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