Addison, Inc. uses a perpetual inventory system.  The following is information about one inventory item for the month of September: Sept.  1 Inventory 20 units at $20          4 Sale 10 units        10 Purchase 30 units at $25        17 Sale 20 units        30 Purchase 10 units at $30 If Addison uses FIFO, the cost of the ending merchandise inventory on September 30 is Select one: a. $650 b. $750 c. $725 d. $800

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
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Chapter1: Financial Statements And Business Decisions
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Addison, Inc. uses a perpetual inventory system.  The following is information about one inventory item for the month of September:

Sept.  1

Inventory

20 units at $20

         4

Sale

10 units

       10

Purchase

30 units at $25

       17

Sale

20 units

       30

Purchase

10 units at $30

If Addison uses FIFO, the cost of the ending merchandise inventory on September 30 is
Select one:
a. $650
b. $750
c. $725
d. $800 
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