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

Principles of Accounting Volume 1
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ISBN:9781947172685
Author:OpenStax
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Chapter10: Inventory
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Problem 4PA: Calculate the cost of goods sold dollar value for A74 Company for the sale on March 11, considering...
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General 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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