QUESTION 7

A company has the following purchases and sales during October. Using the FIFO periodic inventory method, what is the value of the inventory on October 15 after the sale?

A company has the following purchases and sales during October. Using the FIFO periodic inventory method, what is the value of the inventory on October 15 after the sale? Date Activities Units Acquired at Cost Units Sold at Retail Oct. 1 Beginning inventory 15 units @ $12=$180 Oct. 5 Purchase 10 units@ $13=$130 Oct. 12 Purchase 20 units @ $14=$280 Oct. 15 Sales 30 units sold $160 $210 $590 $380 $140