Question
AAA Co. uses a periodic inventory system and has the following information in regard to its inventory: Beginning inventory 300 units @ 13 $ 3,900
AAA Co. uses a periodic inventory system and has the following information in regard to its inventory:
| Beginning inventory | 300 units @ 13 | $ | 3,900 | ||
| Purchase on January 25 | 400 units @ 14 | 5,600 | |||
| Purchase on March 15 | 300 units @ 15 | 4,500 | |||
| Purchase on October 2 | 500 units @ 16 | 8,000 | |||
| Goods available for sale | $ | 22,000 | |||
There are 750 units in ending inventory. What is the amount of the ending inventory using the FIFO method?
Multiple Choice
-
$11,750
-
$3,900
-
$9,500
-
$8,000
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started
Internal Auditing Theory A Systems View
Authors: Hugh Marsh, G A Swanson
1st Edition
089930608X, 978-0899306087
