Ending inventory using FIFO
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Compute ending inventory using FIFO inventory costing method
James Co. has the following data related to an item of inventory
Inventory, March 1 200 units @$4.30
Purchase, March 7 700 units @4.40
Purchase, March 16 140 units @$4.50
Inventory, March 31 500 units
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Solution Summary
The solution explains how to calculate the ending inventory using FIFO.
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In FIFO we assume that the earliest units are sold first, so ...
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