I got this question right but it was just by guessing. I'm not sure how the answer isn't 380. Using FIFO, 15 of the 30 inventory x $12 = 180. Then 10 of the 30 inventory x $13 = 130. The last 5 of the inventory x $14 = 70. 180+130+70=380 no?? DateActivitiesUnits Sold at RetailAugust 1 Beginning inventoryAugust 5Units Acquired at Cost15 units @ $12 = $18010 units @ $13 = $13020 units @ $14 = $280PurchaseAugust 12PurchaseAugust 15 Sales30 units soldUsing the FIFO perpetual inventory method, what is the value of the inventory at August 15 after the sale?Multiple ChoiceO$140O $160$210$380$590

Name: I got this question right but it was just by guessing. I'm not sure ho
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Description: I got this question right but it was just by guessing. I'm not sure how the answer isn't 380. Using FIFO, 15 of the 30 inventory x $12 = 180. Then 10 of the 30 inventory x $13 = 130. The last 5 of the inventory x $14 = 70. 180+130+70=380 no?? DateAct

The question is asking about the VALUE OF CLOSING INVENTORY not the COST OF INVENTORY SOLD, what you…

Business

Accounting

Units Sold at Retail Date August 1 August 5 Activities Beginning inventory Purchase Purchase Units Acquired at Cost 15 units @ $12 = $180 10 units @ $13 = $130 units @ $14 = $280 August 12 20 August 15 Sales 30 units sold Using the FIFO perpetual inventory method, what is the value of the inventory at August 15 after the sale?

Units Sold at Retail Date August 1 August 5 Activities Beginning inventory Purchase Purchase Units Acquired at Cost 15 units @ $12 = $180 10 units @ $13 = $130 units @ $14 = $280 August 12 20 August 15 Sales 30 units sold Using the FIFO perpetual inventory method, what is the value of the inventory at August 15 after the sale?

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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