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
Cornerstones of Financial Accounting
4th Edition
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Jay Rich, Jeff Jones
Chapter6: Cost Of Goods Sold And Inventory
Section: Chapter Questions
Problem 32CE: ( Appendix 6B) Inventory Costing Methods: Periodic Average Cost Refer to the information for...
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![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](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fb41a946f-d28d-4482-b8c4-7f4fcb78ccdd%2Fd6adbc9e-4784-43aa-9c78-9b56a4490987%2Ft9twgbn_processed.jpeg&w=3840&q=75)
Transcribed Image Text: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
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