The value of inventory at 31/8/17 using FIFO for periodic inventory is? Con Darlos determines the value
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Con Darlos determines the value of inventory using the periodic inventory system using FIFO. The following information is provided: Date 1/8/17 7/8/17 14/8/17 21/8/17 28/8/17 31/8/17 Details Opening inventory Purchase Purchase Purchase Purchase Sales for this month Physical stocktake Values 200 units @ $1.50 200 units @ $1.60 200 units @ $1.60 200 units @ $1.70 200 units @ $1.80 700 units 280 units on hand Cost $300 $320 $320 $340 $360 Con Darlos determines the value of inventory using the periodic inventory system using FIFO. The following information is provided: Date 1/8/17 7/8/17 14/8/17 21/8/17 28/8/17 31/8/17 Details Opening inventory Purchase Purchase Purchase Purchase Sales for this month Physical stocktake Values 200 units @ $1.50 200 units @ $1.60 200 units @ $1.60 200 units @ $1.70 200 units @ $1.80 700 units 280 units on hand Cost $300 $320 $320 $340 $360
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