Question
Pharoah has the following inventory data: Nov. 1 Inventory 37 units @ $7.40 each 8 Purchase 149 units @ $8.00 each 17 Purchase 74 units
Pharoah has the following inventory data:
| Nov. 1 | Inventory | 37 units @ $7.40 each | ||
| 8 | Purchase | 149 units @ $8.00 each | ||
| 17 | Purchase | 74 units @ $7.80 each | ||
| 25 | Purchase | 112 units @ $8.20 each |
A physical count of merchandise inventory on November 30 reveals that there are 124 units on hand. Ending inventory under FIFO is
A. $1012.
B. $1949.
C. $1992.
D. $970.
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Income Tax Fundamentals 2013
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
31st Edition
1111972516, 978-1285586618, 1285586611, 978-1285613109, 978-1111972516
