The Units of an Item Available for Sale During the Year

question 34

Essay

The units of an item available for sale during the year were as follows:? $\begin{array}{lrl}\text { Jan. } & 1 \text { Inventory } & 25 \text { units at } \$ 45 \\\text { Mar. } & 4 \text { Purchase } & 15 \text { units at } \$ 50 \\\text { June } & 7 \text { Purchase } & 35 \text { units at } \$ 58 \\\text { Nov. } & 15 \text { Purchase } & 20 \text { units at } \$ 65\end{array}$ There are 30 units of the item in the physical inventory at December 31. The periodic inventory system is used. Determine the ending inventory cost using FIFO.

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Definitions:

Accounts Payable

An accounting term referring to the amount of money a company owes to its suppliers or creditors for goods and services received but not yet paid for.

Collections Report

A document detailing the status of invoices, including those that are past due or collected, typically used by businesses to monitor accounts receivable.

Vendor Section

A designated area within a software application or platform where information and transactions related to suppliers are managed.

Customers List

A record or database that contains information about a business's customers, including contact information and transaction history.