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Rally Wheels, Inc. had the following balances and transactions during 2024: Beginning Merchandise Inventory as of January 1, 2024 140 units at $73 March 10 Sold 70 units June 10 October 30 Purchased 280 units at $77 Sold 175 units What would the company's ending merchandise inventory cost be on December 31, 2024 if the perpetual inventory system and the last-in, first-out inventory costing method are used? OA. $31.780 OB. $21,560 OC. $13,195 OD, $18,585

Rally Wheels, Inc. had the following balances and transactions during 2024: Beginning Merchandise Inventory as of January 1, 2024 140 units at $73 March 10 Sold 70 units June 10 October 30 Purchased 280 units at $77 Sold 175 units What would the company's ending merchandise inventory cost be on December 31, 2024 if the perpetual inventory system and the last-in, first-out inventory costing method are used? OA. $31.780 OB. $21,560 OC. $13,195 OD, $18,585

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Rally Wheels, Inc. had the following balances and transactions during 2024: Beginning Merchandise Inventory as of January 1, 2024 140 units at $73 March 10 Sold 70 units June 10 October 30 Purchased 280 units at $77 Sold 175 units What would the company's ending merchandise inventory cost be on December 31, 2024 if the perpetual inventory system and the last-in, first-out inventory costing method are used? OA. $31.780 OB. $21,560 OC. $13,195 OD, $18,585
Transcribed Image Text:Rally Wheels, Inc. had the following balances and transactions during 2024: Beginning Merchandise Inventory as of January 1, 2024 140 units at $73 March 10 Sold 70 units June 10 October 30 Purchased 280 units at $77 Sold 175 units What would the company's ending merchandise inventory cost be on December 31, 2024 if the perpetual inventory system and the last-in, first-out inventory costing method are used? OA. $31.780 OB. $21,560 OC. $13,195 OD, $18,585
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