Perpetual inventory system on a FIFO Basis
I am having so much trouble figuring out these types of questions, any help would be greatly apreciated.
Use this inventory information for the month of September to answer the following question.
Sept 1 Beginning inventory 10 units @$120
5 Purchase 60 units @$112
14 Sale 40 units
21 Purchase 30 units @$116
30 Sale 28 units
Assuming that a perpetual inventory system is used, what is ending inventory on a FIFO basis?
a) $3,704
b) $7,696
c) More information is needed
d) $3,664
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