A company has the following purchases and sales during October. Using the FIFO periodic inventory...
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Accounting
A company has the following purchases and sales during October. Using the FIFO periodic inventory method, what is the value of the inventory on October 15 after the sale?
Date
Activities
Units Acquired at Cost
Units Sold at Retail
October 1
Beginning inventory
15 units @ $14 = $210
October 5
Purchase
10 units @ $17 = $170
October 12
Purchase
20 units @ $18 = $360
October 15
Sales
30 units sold
Multiple Choice
$180
$170
$270
$480
$740
Answer & Explanation
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