A company had the following purchases during its first year of operations: Purchases January: 10 units at $120 February: 20 units at $130 May: 15 units at $140 September: 12 units at $150 November: 10 units at $160 On December 31, there were 26 units remaining in ending inventory. These 26 units consisted of 2 from January, 4 from February. 6 from May, 4 from September, and 10 from November. Using the specific identification method, what is the cost of the ending inventory? O a. $3,280. O b. $3,500. O c. $3,960. O d. $3,800.

A company had the following purchases during its first year of operations: Purchases January: 10 units at $120 February: 20 units at $130 May: 15 units at $140 September: 12 units at $150 November: 10 units at $160 On December 31, there were 26 units remaining in ending inventory. These 26 units consisted of 2 from January, 4 from February. 6 from May, 4 from September, and 10 from November. Using the specific identification method, what is the cost of the ending inventory? O a. $3,280. O b. $3,500. O c. $3,960. O d. $3,800.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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