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Aiello, Inc. had the following inventory in fiscal 2016. The company uses the FIFO method of accounting for inventory. Beginning Inventory, January 1, 2016: 130
Aiello, Inc. had the following inventory in fiscal 2016. The company uses the FIFO method of accounting for inventory.
Beginning Inventory, January 1, 2016: 130 units @ $15.00 Purchase 200 units @ $16.00 Purchase 50 units @ $18.00 Purchase 110 units @ $19.00
Ending Inventory physical count on December 31, 2016 is 120 units
The ending inventory balance the company would report on the balance sheet for fiscal 2016 is:
A. $1,950
B. $2,280
C. $2,160
D. $2,270
E. None of the above
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