Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Hybrid Company has the following inventory data for October: Oct. 1 Beginning inventory of 20 units at $19/unit for a total of $380 Oct. 8

Hybrid Company has the following inventory data for October: Oct. 1 Beginning inventory of 20 units at $19/unit for a total of $380 Oct. 8 Purchases of 70 units at $20/unit for a total of $1,400 Oct 18 Purchases of 10 units at $22/unit for a total of $220 A physical count of Hybrid's inventory at October 31 reveals that 32 units remain on hand at the end of the period. If Hybrid Company uses the FIFO cost flow assumption to record inventory, what amount of ending inventory will Hybrid record?

$1,340

$1,380

$620

$660

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Cost Accounting Concepts And Applications For Managerial Decision Making

Authors: Ralph S. Polimeni, James A. Cashin, Frank J. Fabozzi, Arthur H. Adelberg

2nd Edition

0070103100, 978-0070103108

More Books

Students also viewed these Accounting questions

Question

=+ (c) On which countries should 3M focus its marketing efforts?

Answered: 1 week ago