A company had the following purchases during its first year of operations: Purchases January: February: 11 units at $121 21 units at $131 16 units at $141 May: September: 13 units at $151 November: 11 units at $161 On December 31, there were 31 units remaining in ending inventory. These 31 units consisted of 3 from January, 5 from February, 7 from May. 5 from September, and 11 from November. Using the specific identification method, what is the cost of the ending inventory? Multiple Choice $4,531. $4,078. $3,876.

A company had the following purchases during its first year of operations: Purchases January: February: 11 units at $121 21 units at $131 16 units at $141 May: September: 13 units at $151 November: 11 units at $161 On December 31, there were 31 units remaining in ending inventory. These 31 units consisted of 3 from January, 5 from February, 7 from May. 5 from September, and 11 from November. Using the specific identification method, what is the cost of the ending inventory? Multiple Choice $4,531. $4,078. $3,876.

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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