Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Tomasino's inventory records show the following data on January 31: Beginning inventory Jan 1 100 units at $6 per unit Jan 10 purchase 280 units

Tomasino's inventory records show the following data on January 31:

Beginning inventory Jan 1 100 units at $6 per unit
Jan 10 purchase 280 units at $11 per unit
Jan 22 purchase 130 units at $12 per unit

On January 31, 210 units are still on hand. What is the cost of the ending inventory on January 31 if Tomasino uses the FIFO method?

A. $2,440

B. $1,560

C. $1,810

D. $1,260

What I did was Ending Inventory Cost = (130*12) + (130*11)

Ending Inventory Cost = 2,990 ?

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_2

Step: 3

blur-text-image_3

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

The Routledge Companion To Accounting And Risk

Authors: Margaret Woods

1st Edition

1138860123, 9781138860124

More Books

Students also viewed these Accounting questions

Question

What might SKI do to reduce its cash without harming operations?

Answered: 1 week ago

Question

When do you think a hiring decision will be made?

Answered: 1 week ago