Question - Leading Edge Frame Shop wants to know the effect of different inventory costing methods on its financial statements. Inventory and purchases data for June follow:
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|
Units
|
Unit Coat
|
Total Cost
|
|
June 1 beginning inventory
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2,300
|
$16.00
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$36,800
|
|
4 Purchase
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1,300
|
$16.50
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$21,450
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|
9 Sale
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(1,400)
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|
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If Leading Edge uses the FIFO method, what will be the cost of ending inventory?