The following lots of Commodity Z were available for sale during the year. Beginning inventory 8 units at $48 First purchase 16 units at $50 Second purchase 22 units at $55 Third purchase 19 units at $64 The firm uses the periodic system, and there are 25 units of the commodity on hand at the end of the year. What is the ending inventory balance at the end of the year according to the FIFO method? a.$3,585 b.$1,200 c.$3,610 d.$1,546
The following lots of Commodity Z were available for sale during the year. Beginning inventory 8 units at $48 First purchase 16 units at $50 Second purchase 22 units at $55 Third purchase 19 units at $64 The firm uses the periodic system, and there are 25 units of the commodity on hand at the end of the year. What is the ending inventory balance at the end of the year according to the FIFO method? a.$3,585 b.$1,200 c.$3,610 d.$1,546
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter7: Inventories: Cost Measurement And Flow Assumptions
Section: Chapter Questions
Problem 11RE: Jessie Stores uses the periodic system of calculating inventory. The following information is...
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The following lots of Commodity Z were available for sale during the year.
Beginning inventory | 8 units at $48 |
First purchase | 16 units at $50 |
Second purchase | 22 units at $55 |
Third purchase | 19 units at $64 |
The firm uses the periodic system, and there are 25 units of the commodity on hand at the end of the year. What is the ending inventory balance at the end of the year according to the FIFO method?
a.$3,585
b.$1,200
c.$3,610
d.$1,546
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