Solved: If the company uses the first in first out fifo inventory, Accounting Basics

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If the company uses the first in first out fifo inventory

Question - A company made the following merchandise purchases and sales during the month of May:

May 1 purchased 400 units at $15 each

May 5 purchased 300 units at $17 each

May 10 sold 570 units

May 20 purchased 200 units at $22 each

May 25 sold 200 units

There was no beginning inventory. If the company uses the First In, First Out (FIFO) inventory valuation method and the perpetual inventory system, what would be the cost of the 130 units in ending inventory?

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Accounting Basics: If the company uses the first in first out fifo inventory

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Accounting Basics: If the company uses the first in first out fifo inventory

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