Vaughn Company uses a periodic inventory system. Details for the inventory account for the month of January, 2020 are as follows: Per Units Unit Price Total Balance, 1/1/20 170 $5.00 $850 Purchase, 1/15/20 130 5.10 663 Purchase, 1/28/20 130 5.40 702 12 An end of the month (1/31/20) inventory showed that 240 units were on hand. If the company uses FIFO, what is the value of the ending inventory?

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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Vaughn Company uses a periodic inventory system. Details for the inventory account for the month of January, 2020 are as follows:
Per
Units Unit Price
Total
Balance, 1/1/20 170 $5.00
$850
Purchase, 1/15/20 130 5.10
663
Purchase, 1/28/20 130 5.40
702
12
An end of the month (1/31/20) inventory showed that 240 units were on hand. If the company uses FIFO, what is the value of the
ending inventory?
Transcribed Image Text:Vaughn Company uses a periodic inventory system. Details for the inventory account for the month of January, 2020 are as follows: Per Units Unit Price Total Balance, 1/1/20 170 $5.00 $850 Purchase, 1/15/20 130 5.10 663 Purchase, 1/28/20 130 5.40 702 12 An end of the month (1/31/20) inventory showed that 240 units were on hand. If the company uses FIFO, what is the value of the ending inventory?
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