Question
ACME Trading Co uses a perpetual inventory system and provided us with the following information for the month of May: 5/01 beginning inventory 150 units
ACME Trading Co uses a perpetual inventory system and provided us with the following information for the month of May:
| 5/01 | beginning inventory | 150 units @ $300 per unit |
| 5/06 | purchase | 250 units @ $350 per unit |
| 5/25 | sale | 280 units @ $1,200 per unit |
Calculate Ending Inventory assuming FIFO (first in, first out):
A. $90,500
B. $36,000
C. $42,000
D. $96,500
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Financial Accounting
Authors: Karen Bird, Gene Imhoff
3rd Edition
0984200541, 9780984200542
