Effie Company uses a periodic inventory system. Details for the inventory account for the month of January
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Question:
Effie Company uses a periodic inventory system. Details for the inventory account for the month of January 2022 are as follows:
Units
units | per unit price | total | |
balance, 1/1/22 | 200 | $5.00 | $1,000 |
Purchase, 1/15/22 | 100 | 5.30 | 530 |
Purchase, 1/28/22 | 100 | 5.50 | 550 |
An end-of-the-month (1/31/22) inventory showed that 160 units were on hand. How many units did the company sell during January 2022?
1. 160
2. 240
3. 60
Related Book For
Financial Accounting
ISBN: 978-1259103285
5th Canadian edition
Authors: Robert Libby, Patricia Libby, Daniel Short, George Kanaan, M
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