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Why is C The Heritage Co. uses the FIFO method for valuing inventory In 2015 they began the year with 50 tables costing S 75
Why is C The Heritage Co. uses the FIFO method for valuing inventory In 2015 they began the year with 50 tables costing S 75 each. On March 21 they bought 25 tables for $ 70 each. On December 31, 2015 the replacement cost for tables was S 68 and they have 40 tables remaining in inventory. What was the correct balance in inventory at year end and how much was cost of goods sold for 2015? A. Inventory- $ 2,875 C/O/S- S 2,625 B. Inventory- $ 3,000 C/O/S- S 2,500 C. Inventory-$ 2,720 C/OS-$ 2,780 D. Inventory- $ 2,800 C/O/S- S 2,700 E. None of the Above
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