an end of the month (1/31/20) inventory showed that 230 units were on hand. If the company uses FIFO, what is the value of the ending inventory ? Waterway Company uses a periodic inventory system. Details for the inventory account for the month of January, 2020 are as follows:Per UnitUnitsTotalPriceBalance, 1/1/20150$4$600Purchase,1705.509351/15/20Purchase,1705.409181/28/20An end of the month (1/31/20) inventory showed that 230 units were on hand. If the company uses FIFO, what is the value of theending inventory?O $920O $1248O $1090O $1240

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Description: an end of the month (1/31/20) inventory showed that 230 units were on hand. If the company uses FIFO, what is the value of the ending inventory ? Waterway Company uses a periodic inventory system. Details for the inventory account for the month of Ja

Ending inventory is the cost of things on hand at the end of the reporting period. For a corporation…

Business

Accounting

Waterway Company uses a periodic inventory system. Details for the inventory account for the month of January, 2020 are as follow Per Unit Price Units Total Balance, 1/1/20 150 $4 $600 Purchase, 170 5.50 935 1/15/20 Purchase, 170 5.40 918 1/28/20 An end of the month (1/31/20) inventory showed that 230 units were on hand. If the company uses FIFO, what is the value of the ending inventory? O $920 O $1248 O $1090 O $1240

Waterway Company uses a periodic inventory system. Details for the inventory account for the month of January, 2020 are as follow Per Unit Price Units Total Balance, 1/1/20 150 $4 $600 Purchase, 170 5.50 935 1/15/20 Purchase, 170 5.40 918 1/28/20 An end of the month (1/31/20) inventory showed that 230 units were on hand. If the company uses FIFO, what is the value of the ending inventory? O $920 O $1248 O $1090 O $1240

FINANCIAL ACCOUNTING

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ISBN:9781259964947

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Chapter1: Financial Statements And Business Decisions

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Concept explainers

Inventory Valuation

Before discussing the topic inventory valuation let’s discuss the meaning of inventory. In accounting, inventory is also known as stock. Inventory means all the finished goods, materials, merchandise that a business holds for the purpose of selling it in the market with the motive of earning profit.

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Question

an end of the month (1/31/20) inventory showed that 230 units were on hand. If the company uses FIFO, what is the value of the ending inventory ?

Waterway Company uses a periodic inventory system. Details for the inventory account for the month of January, 2020 are as follows:
Per Unit
Units
Total
Price
Balance, 1/1/20
150
$4
$600
Purchase,
170
5.50
935
1/15/20
Purchase,
170
5.40
918
1/28/20
An end of the month (1/31/20) inventory showed that 230 units were on hand. If the company uses FIFO, what is the value of the
ending inventory?
O $920
O $1248
O $1090
O $1240

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