The following information pertains to inventory for a company: March 1 Beginning inventory 35 units @ $5.70 March 3 Purchased 13 units@ 3.70 March 9 Sold 27 units @ 8.90 What is the ending inventory balance, assuming the company uses FIFO? (Do not round your intermediate calculations. Round your answer to the nearest dollar amount.) Multiple Choice $94 577 $48

The following information pertains to inventory for a company: March 1 Beginning inventory 35 units @ $5.70 March 3 Purchased 13 units@ 3.70 March 9 Sold 27 units @ 8.90 What is the ending inventory balance, assuming the company uses FIFO? (Do not round your intermediate calculations. Round your answer to the nearest dollar amount.) Multiple Choice $94 577 $48

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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A company's inventory records contain the following information: Beginning Inventory: Purchased on June 10 Purchased on June 15 Purchased on June 28 Multiple Choice The company sold 1,000 units during June and 500 units were in its ending Inventory on June 30. If the company uses the weighted average inventory costing method, what is the cost of its ending inventory? $2,700 300 units 400 units 500 units 300 units 1,500 $4,200 $780 1,170 1,260 990 $4,200
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* Question Completion Status: QUESTION 2 Hazards company had the following data: Beginning inventory (on May 1) $190 Purchases during May $2,700 Cost of goods sold during May $2,870 Based on the above data, calculate ending inventory as of May 30: O $5,760 O $20 $360 $2,510 QUESTION 3 Click Save and Submit to save and submit. Click Save All Answers to save all ans
Sunland Industries has the following inventory information. July 1 Beginning Inventory 35 units at $130 Purchases 260 units at $111 14 Sale 180 units 21 Purchases 100 units at $120 30 Sale 160 units Assuming that a periodic inventory system is used, what is the amount allocated to ending inventory on a LIFO basis? $6770 $29230 $29210 $6600
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