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

Cornerstones of Financial Accounting
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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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financial accounting

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
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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