Question
The following units of an inventory item were available for sale during the year: Beginning inventory 11 units at $47 First purchase 17 units at
The following units of an inventory item were available for sale during the year:
| Beginning inventory | 11 units at $47 |
| First purchase | 17 units at $50 |
| Second purchase | 21 units at $58 |
| Third purchase | 19 units at $62 |
The firm uses the periodic inventory system. During the year, 42 units of the item were sold.
The value of ending inventory using FIFO is
a.$2,434
b.$1,584
c.$1,267
d.$2,101
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The Essential Handbook Of Internal Auditing
Authors: K. H. Spencer Pickett
1st Edition
0470013168, 978-0470013168
