Question
Moroni Industries has the following inventory information. July 1 Beginning Inventory 10 units at $120 5 Purchases 60 units at $112 14 Sale 40 units
Moroni Industries has the following inventory information.
| July | 1 | Beginning Inventory | 10 units at $120 | |
| 5 | Purchases | 60 units at $112 | ||
| 14 | Sale | 40 units | ||
| 21 | Purchases | 30 units at $115 | ||
| 30 | Sale | 35 units |
Assuming that a periodic inventory system is used, what is the amount allocated to ending inventory on a FIFO basis?
| $2,875 |
| $2,880 |
| $8,490 |
| $8,495 |
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Accounting A Comprehensive Guide For Beginners
Authors: Robert McCarthy
1st Edition
1638180474, 978-1638180470
