Morgenstern Ltd. has the following units and costs for the month of April. 1. Beginning inventory, April

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Morgenstern Ltd. has the following units and costs for the month of April.

1. Beginning inventory, April $1,1,000$ units at $\$ 20$ (Cost)

2. Purchase (1) April $9,1,200$ units at \$23 (cost)

3. Sold, April 122,100 units at $\$ 40$ (Retail)

4. Purchase (2), April 22800 units at $\$ 25$ (Cost)

If Morgenstern uses a perpetual inventory system, what is the cost of ending inventory under FIFO at April 30?

a. $\$ 18,000$

b. $\$ 22,300$

c. $\$ 45,300$

d. $\$ 49,600$

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Cornerstones Of Financial Accounting

ISBN: 9780176707125

2nd Canadian Edition

Authors: Jay Rich, Jefferson Jones, Maryanne Mowen, Don Hansen, Donald Jones, Ralph Tassone

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Question Posted: Jun 07, 2024 01:22 AM

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Morgenstern Ltd. has the following units and costs for the month of April. 1. Beginning inventory, April

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Cornerstones Of Financial Accounting

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