The following units of an inventory item were available for sale during the year: Beginning inventory 8 units at $50 First purchase 17 units at $54 Second purchase 21 units at $59 Third purchase 13 units at $58 The firm uses the periodic inventory system. During the year, 37 units of the item were sold. The value of ending inventory using FIFO is a. $1,028 Ob. $2,203 Oc. $1,685 Od. $1,285

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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The following units of an inventory item were available for sale during the year:

- **Beginning inventory**: 8 units at $50
- **First purchase**: 17 units at $54
- **Second purchase**: 21 units at $59
- **Third purchase**: 13 units at $58

The firm uses the periodic inventory system. During the year, 37 units of the item were sold.

**The value of ending inventory using FIFO is**: 

- a. $1,028
- b. $2,203
- c. $1,685
- d. $1,285
Transcribed Image Text:The following units of an inventory item were available for sale during the year: - **Beginning inventory**: 8 units at $50 - **First purchase**: 17 units at $54 - **Second purchase**: 21 units at $59 - **Third purchase**: 13 units at $58 The firm uses the periodic inventory system. During the year, 37 units of the item were sold. **The value of ending inventory using FIFO is**: - a. $1,028 - b. $2,203 - c. $1,685 - d. $1,285
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