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4 October, 02:24

Nash's Trading Post, LLC has the following inventory dа ta:

July 1 Beginning inventory 22 units at $14 $308

7 Purchases 78 units at $15 1170

22 Purchases 11 units at $16 176

$1654

A physical count of merchandise inventory on July 30 reveals that there are 36 units on hand. Using the FIFO inventory method, the amount allocated to ending inventory for July is

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  1. 4 October, 06:11
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    Ending Inventory for July: $551

    Explanation:

    Units on hand at the end of the period: 36

    Purchases of remaining units:

    11 units at $16 = $176 25 units (36 - 11) at $15 = $375

    Amount allocated to ending inventory for July: $551

    The first in, first out (FIFO) method of inventory valuation is a cost flow assumption that the first goods purchased are also the first goods sold.
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