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Required information Skip to question The following information applies to the questions displayed below. Trends by Tabitha sells highend leather purses. The company has the following inventory transactions for the year. Date Transactions Units Unit Cost Total Cost January Beginning inventory $ $ April Purchase October Purchase $ January to December Sales Because trends in purses change frequently, Trends by Tabitha estimates that the remaining nine purses have a net realizable value at December of only $ each. a Determine the amount of ending inventory to report using lower of cost and net realizable value under FIFO. b Record any necessary adjusting entry under FIFO.
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The following information applies to the questions displayed below.
Trends by Tabitha sells highend leather purses. The company has the following inventory transactions for the year.
Date Transactions Units Unit Cost Total Cost
January Beginning inventory $ $
April Purchase
October Purchase
$
January to December Sales
Because trends in purses change frequently, Trends by Tabitha estimates that the remaining nine purses have a net realizable value at December of only $ each.
a Determine the amount of ending inventory to report using lower of cost and net realizable value under FIFO.
b Record any necessary adjusting entry under FIFO.
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