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
Author:Libby
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Chapter1: Financial Statements And Business Decisions
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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
Transcribed Image Text: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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