Moroni Industries has the following inventory information. Units Unit Cost July 1 Beginning inventory 40 $120 5 Purchase 240 $112 14 Sale 160 21 Purchase 120 $115 30 Sale 140 Assuming that a periodic inventory system is used, what is the amount allocated to ending inventory on a FIFO basis? a. $11,500 b. $11,520 c. $33,960 d. $33,980
Moroni Industries has the following inventory information. Units Unit Cost July 1 Beginning inventory 40 $120 5 Purchase 240 $112 14 Sale 160 21 Purchase 120 $115 30 Sale 140 Assuming that a periodic inventory system is used, what is the amount allocated to ending inventory on a FIFO basis? a. $11,500 b. $11,520 c. $33,960 d. $33,980
Chapter10: Inventory
Section: Chapter Questions
Problem 4PA: Calculate the cost of goods sold dollar value for A74 Company for the sale on March 11, considering...
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![Moroni Industries has the following inventory information.
Units Unit Cost
July 1 Beginning inventory 40
$120
5
Purchase
240
$112
14
Sale
160
21
Purchase
120
$115
30
Sale
140
Assuming that a periodic inventory system is used, what is the amount allocated to
ending inventory on a FIFO basis?
a. $11,500
b. $11,520
c. $33,960
d. $33,980](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F87b69021-96b6-476d-8017-823e713352c6%2F62e2af89-4fd0-4a47-af5d-17b7f6fb924d%2F9aojdki_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Moroni Industries has the following inventory information.
Units Unit Cost
July 1 Beginning inventory 40
$120
5
Purchase
240
$112
14
Sale
160
21
Purchase
120
$115
30
Sale
140
Assuming that a periodic inventory system is used, what is the amount allocated to
ending inventory on a FIFO basis?
a. $11,500
b. $11,520
c. $33,960
d. $33,980
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