7 First purchase 19 units at $52 Second purchase 24 units at $59 Third purchase 17 units at $62
7 First purchase 19 units at $52 Second purchase 24 units at $59 Third purchase 17 units at $62
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
Chapter8: Inventories: Special Valuation Issues
Section: Chapter Questions
Problem 4MC
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Topic Video
Question
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The following lots of Commodity Z were available for sale during the year.
Beginning inventory 7 units at $47 First purchase 19 units at $52 Second purchase 24 units at $59 Third purchase 17 units at $62 The firm uses the periodic system, and there are 27 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.$3,787b.$1,644c.$1,269d.$3,760
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