Question
Samson Company had the following balances and transactions during 2015 January 1 Beginning inventory; 20 units at $70 each March 10 Purchased 10 units a
Samson Company had the following balances and transactions during 2015
January 1 Beginning inventory; 20 units at $70 each
March 10 Purchased 10 units a $80 each
June 10 Sold 23 units for $100
December 31 Replacement cost $75 each
What would Samsons Companys inventory amount be on December 31, 2015 if the FIFO method was used with lower of cost or market?
A) $490
B) $510
C) $525
D) $560
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Financial Accounting
Authors: Belverd E. Needles
5th Edition
0395698022, 978-0395698020
