A company's inventory records indicate the following data for the month of April: Date April 1 April 7 April 11 April 16 April 22 April 29 Units Acquired at Cost 700 units @ $36 = $25,200 580 units @ $40 = $23,200 500 units @ $44 = $22,000 480 units @ $50 = $24,000 If the company uses the first-in, first-out (FIFO) method and the periodic inventory system, what would be the cost of the ending inventory? Beginning inventory Purchase Sale Purchase Sale Purchase Multiple Choice $38,480. $33,300. $35,922. Activities $40,720. Units Sold at Retail Help 1,000 units @ $110 400 units @ $110

FINANCIAL ACCOUNTING
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ISBN:9781259964947
Author:Libby
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Chapter1: Financial Statements And Business Decisions
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A company's inventory records indicate the following data for the month of April:
Date
April 1
April 7
Units Acquired at Cost
700 units @ $36 = $25,200
580 units @ $40 = $23,200
April 11
April 16
500 units @ $44 = $22,000
April 22 Sale
April 29
Purchase
480 units @ $50 = $24,000
If the company uses the first-in, first-out (FIFO) method and the periodic inventory system, what would be the cost of the ending inventory?
Beginning inventory
Purchase
Sale
Purchase
Multiple Choice
$38,480.
$33,300.
Activities
$35,922.
$40,720.
Units Sold at Retail
1,000 units @ $110
Help
400 units @ $110
Transcribed Image Text:A company's inventory records indicate the following data for the month of April: Date April 1 April 7 Units Acquired at Cost 700 units @ $36 = $25,200 580 units @ $40 = $23,200 April 11 April 16 500 units @ $44 = $22,000 April 22 Sale April 29 Purchase 480 units @ $50 = $24,000 If the company uses the first-in, first-out (FIFO) method and the periodic inventory system, what would be the cost of the ending inventory? Beginning inventory Purchase Sale Purchase Multiple Choice $38,480. $33,300. Activities $35,922. $40,720. Units Sold at Retail 1,000 units @ $110 Help 400 units @ $110
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