Kappa uses the FIFO assumption with the periodic inventory method. $\begin{array}{lccc}&\text { Units }&\text {Unit }&\text {Total }\&&\text{Cost}&\text{Cost}\
\text { Beginning Inventory } & 10 & \$ 10 & \$ 100 \
\text { Purchase } & 10 & \$ 12 & \$ 120 \
\text { Purchase } & 8 & \$ 9 & \$ 72
\end{array}$ Sales during year were 14 units.What was the value assigned to the closing stock of this item at the end of the period?

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The Answer of Kappa uses the FIFO assumption with the periodic inventory method. $\begin{array}{lccc}&\text { Units }&\text {Unit }&\text {Total }\&&\text{Cost}&\text{Cost}\
\text { Beginning Inventory } & 10 & \$ 10 & \$ 100 \
\text { Purchase } & 10 & \$ 12 & \$ 120 \
\text { Purchase } & 8 & \$ 9 & \$ 72
\end{array}$ Sales during year were 14 units.What was the value assigned to the closing stock of this item at the end of the period?

Kappa Uses the FIFO Assumption with the Periodic Inventory Method