Beginning Inventory, Purchases, and Sales for an Inventory Item Are

question 136

Short Answer

Beginning inventory, purchases, and sales for an inventory item are as follows:​​ $$\begin{array} { | l | l | } \hline \text { Beginning inventory } & 150 \text { units } @ \$ 755 \\\hline \text { Sale } & 120 \text { units } \\\hline \text { First purchase } & 400 \text { units } @ \$ 785 \\\hline \text { Sale } & 200 \text { units } \\\hline \text { Second purchase } & 300 \text { units } @ \$ 805 \\\hline \text { Sale } & 290 \text { units } \\\hline\end{array}$$ The firm uses the perpetual inventory system and there are 240 units of the item on hand at the end of the year. What is the total cost of ending inventory according to FIFO?

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Definitions:

Stalin

Joseph Stalin was the dictator of the Soviet Union from the late 1920s until his death in 1953, known for his totalitarian regime, the implementation of the Five-Year Plans, the Great Purge, and his role in World War II.

European Union

A political and economic union of 27 European countries that are tied by a single market, common trade policy, and others, aiming for cooperation in various domains.

Economic Powers

Nations or entities that hold significant influence on global economic systems, often through their large economies, financial resources, and strategic trade relationships.

Mao Zedong

A Chinese communist revolutionary and the founding father of the People's Republic of China, serving as its first Chairman.