Precious Jewelry uses a periodic inventory system. The company had five one-carat diamonds available for sale...
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Precious Jewelry uses a periodic inventory system. The company had five one-carat diamonds available for sale this year: one was purchased on June 1 for $500, two were purchased on July 9 for $550 each, and two were purchased on September 23 for $600 each. On December 24, it sold one of the diamonds that was purchased on July 9. Using the FIFO method, what is its ending inventory (after the December 24 sale)? Precious Jewelry uses a periodic inventory system. The company had five one-carat diamonds available for sale this year: one was purchased on June 1 for $500, two were purchased on July 9 for $550 each, and two were purchased on September 23 for $600 each. On December 24, it sold one of the diamonds that was purchased on July 9. Using the FIFO method, what is its ending inventory (after the December 24 sale)?
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Related Book For
Intermediate Accounting
ISBN: 978-1259548185
8th edition
Authors: David Spiceland, James Sepe, Mark Nelson, Wayne Thomas
Posted Date:
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