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FIFO Perpetual Inventory

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Wilsonwear uses a perpetual inventory system. The following information is available for the month of March.

Mar. 1 On hand, 25 units at $2, totalling $504.
4 Sold 20 units for $10 each, totalling $200.
22 Purchased 130 units at $4, totalling $520.
26 Sold 120 units for $10, totalling $1,200.

If Wilsonwear uses the FIFO inventory costing method, how much is ending inventory at March 31st?

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Solution Summary

FIFO perpetual inventory is examined. How much is ending inventory at March 31st is determined.

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