Concord company inventory records show the following data. Inventory January 1 Units 10500-unit cost $9.00,...
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Concord company inventory records show the following data. Inventory January 1 Units 10500-unit cost $9.00, Purchases June 18 8800 units @ 8.00 and November 8 5500 units @ unit cost $7.00. A physical inventory on December 31 shows 4500 units on hand. Concord Sell the units $11 each. The company has an effective tax rate of 205. Concord uses the periodic inventory method. Under the FIFO method, the December 31 inventory is valued at
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