Question
The following information relates to the inventory of ABC Inc. who uses a perpetual inventory system: Date Transaction # Units Unit cost/sales price December 4
The following information relates to the inventory of ABC Inc. who uses a perpetual inventory system:
| Date | Transaction | # Units | Unit cost/sales price | |
| December 4 | Opening inventory | 300 | $ | 15 |
| December 10 | Purchase inventory | 100 | $ | 18 |
| December 15 | Sell inventory | 320 | $ | 27 |
| December 20 | Purchase inventory | 150 | $ | 20 |
| December 29 | Sell inventory | 100 | $ | 30 |
What is the value of inventory on hand after the December 29 sale if FIFO is used?
Multiple Choice
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$2,200
-
$3,900
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$2,600
-
$2,400
-
$1,950
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Public Sector Accounting And Auditing In EuropeThe Challenge Of Harmonization
Authors: I. Brusca, E. Caperchione, S. Cohen, F Manes Rossi
3rd Edition
1137461330, 9781137461339
