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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 ?
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