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Problem - Assume that Fey Company reports the following initial balance and subsequent purchase of inventory.
Inventory balance at beginning of year 1,200 units @ $60 each $72,000
Inventory purchased during the year 1,800 units @ $90 each 162,000
Cost of goods available for sale during the year 3,000 units $234,000
Assume that 1,900 units are sold during the year.
Required - What amount is reported for inventory on the year-end balance sheet using the FIFO method?
a. $99,000
b. $66,000
c. $135,000
d. $168,000
Several years ago, PTR purchased business equipment for $50,000. Compute PTR's book and tax basis in the equipment. Compute PTR's book
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