Question
A company just starting business made the following purchases in August: August 1300 units$1,560August 12400 units2,340August 24400 units2,520August 30 300 units1,980 1,400 units$8,400 A physical
A company just starting business made the following purchases in August:
August 1300 units$1,560August 12400 units2,340August 24400 units2,520August 30300 units1,9801,400 units$8,400
A physical count of the inventory on August 31 reveals that there are 500 units on hand. Using the FIFO inventory method in a perpetual inventory system, how much is the value of the ending inventory on August 31?
A. $2,730
B. $3,240
C.$5,670
D.$5,160
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Essentials of Accounting for Governmental and Not-for-Profit Organizations
Authors: Paul A. Copley
10th Edition
007352705X, 978-0073527055
