ABC Corporation has the following inventory information for March, 2019. On March 31, ABC has 2,800 units in ending inventory. Using the periodic FIFO (first-in, first- out) method, what is the value of ending inventory on March 31? Units $ Unit cost $ Total Cost Beg. Inv. 10.50 26,250 2,500 Purchase 1 3,200 10.75 34,400 Purchase 2 11.00 29,700 2,700 Purchase 3 11.25 22,500 2,000 Total 112,850 10,400 O a. $31,500 Ob. $29,400 O c. $31,300 O d. $29,475

ABC Corporation has the following inventory information for March, 2019. On March 31, ABC has 2,800 units in ending inventory. Using the periodic FIFO (first-in, first- out) method, what is the value of ending inventory on March 31? Units $ Unit cost $ Total Cost Beg. Inv. 10.50 26,250 2,500 Purchase 1 3,200 10.75 34,400 Purchase 2 11.00 29,700 2,700 Purchase 3 11.25 22,500 2,000 Total 112,850 10,400 O a. $31,500 Ob. $29,400 O c. $31,300 O d. $29,475

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter6: Cost Of Goods Sold And Inventory

Section: Chapter Questions

Problem 17MCQ: ( Appendix 6B) Refer to the information for Morgan Inc. above. If Morgan uses a periodic inventory...

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