The value of inventory at close of business on 30 June 2017 using the FIFO for periodic inventory method is?

Transcribed Image Text:

Abbco had the following purchase transactions for inventory during the month of June 2017: Date 1/6/17 2/6/17 16/6/17 30/6/17 30/6/17 Details Opening inventory Purchase Purchase Purchase Closing inventory Values 20 units @ $4.50 40 units @ $5.00 40 units @ $5.50 40 units @ $4.50 50 units Cost $90 $200 $220 $180 Abbco had the following purchase transactions for inventory during the month of June 2017: Date 1/6/17 2/6/17 16/6/17 30/6/17 30/6/17 Details Opening inventory Purchase Purchase Purchase Closing inventory Values 20 units @ $4.50 40 units @ $5.00 40 units @ $5.50 40 units @ $4.50 50 units Cost $90 $200 $220 $180

Answer rating: 100% (QA)

To calculate the value of inventory at the close of business on 30 June 2017 using the FIFO FirstInF... View the full answer