Question
A company has the following purchases and sales during October. Using the FIFO periodic inventory method, what is the value of the inventory on October
A company has the following purchases and sales during October. Using the FIFO periodic inventory method, what is the value of the inventory on October 15 after the sale?
| Date | Activities | Units Acquired at Cost | Units Sold at Retail |
|---|---|---|---|
| October 1 | Beginning inventory | 15 units @ $14 = $210 | |
| October 5 | Purchase | 10 units @ $17 = $170 | |
| October 12 | Purchase | 20 units @ $18 = $360 | |
| October 15 | Sales | 30 units sold |
Multiple Choice
-
$180
-
$170
-
$270
-
$480
-
$740
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Cost Accounting A Managerial Emphasis
Authors: Charles T. Horngren, Srikant M.Dater, George Foster, Madhav
13th Edition
8120335643, 136126634, 978-0136126638
