Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

The firm uses the periodic system and there are 20 units left at the end of the year. What is the amount of ending merchandise

The firm uses the periodic system and there are 20 units left at the end of the year. What is the amount of ending merchandise inventory at the end of the year using FIFO

Begining inventory 10 units at $60

first purchase- 25 units at $63

second purchase- 30 units at $64

third purchase- 15 units at $70

a.$1430

b.$1230

c.$1200

d.$1370

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

Horngrens Financial And Managerial Accounting The Financial Chapters

Authors: Tracie L. Miller Nobles, Brenda L. Mattison, Ella Mae Matsumura

6th Edition

978-0134486840, 134486838, 134486854, 134486846, 9780134486833, 978-0134486857

More Books

Students also viewed these Accounting questions

Question

Why did a sale to Vocus make strategic sense, if at all?

Answered: 1 week ago