Question
A companys inventory records report the following: August 1 Beginning balance 31 units @ $21 August 5 Purchase 26 units @ $20 August 12 Purchase
A companys inventory records report the following:
| August 1 | Beginning balance | 31 units @ $21 |
| August 5 | Purchase | 26 units @ $20 |
| August 12 | Purchase | 30 units @ $21 |
On August 15, it sold 62 units. Using the FIFO perpetual inventory method, what is the value of the inventory at August 15 after the sale?
Multiple Choice
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$545
-
$1,425
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$1,302
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$525
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$2,175
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Management Audits
Authors: Allan J. Sayle
3rd Edition
0951173901, 978-0951173909
