The Baby Company sells blankets for $30 each. The following was taken from the inventory records during July. July 3 Purchase 5 units @ $15, July 10 Sale units 3, July17 Purchase 10 Units @ $17,July 20 Sale 6, July 23 Sale 3, July 30 Purchase 10 units @ $20.
Assuming that the company uses the perpetual inventory system, determine the ending inventory for the month of July using the FIFO cost method.
Can anyone help with this please?
Thanks A Bunch
2007-11-23 00:48:59 · 1 answers · asked by cardoctor61 2 in Business & Finance ➔ Other - Business & Finance
July 3 Purchase 5 units @ $15
July 10 Sale units 3
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Bal. 2 units @ $15
July17 Purchase 10 Units @ $17
July 20 Sale 6
July 23 Sale 3
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Bal. 3 units @ $17
July 30 Purchase 10 units @ $20
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Bal. 13 units at a total of $251
Inventory at end July is $251.
2007-11-23 01:12:39 · answer #1 · answered by Sandy 7 · 0⤊ 0⤋