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inventory based on the FIFO method.

inventory based on the FIFO method.

Intermediate Accounting: Reporting And Analysis
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter7: Inventories: Cost Measurement And Flow Assumptions
Section: Chapter Questions
Problem 11RE: Jessie Stores uses the periodic system of calculating inventory. The following information is...
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Trey Monson starts a merchandising business on December 1 and enters into the following three inventory purchases. Monson uses a perpetual inventory system. Also, on December 15, Monson sells 15 units for $36 each. Purchases on December 7 10 units @ $22.00 cost Purchases on December 14 20 units @ $28.00 cost Purchases on December 21 15 units @ $30.00 cost Determine the costs assigned to the December 31 ending inventory based on the FIFO method.
Transcribed Image Text:Trey Monson starts a merchandising business on December 1 and enters into the following three inventory purchases. Monson uses a perpetual inventory system. Also, on December 15, Monson sells 15 units for $36 each. Purchases on December 7 10 units @ $22.00 cost Purchases on December 14 20 units @ $28.00 cost Purchases on December 21 15 units @ $30.00 cost Determine the costs assigned to the December 31 ending inventory based on the FIFO method.
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