Ask a New Question

A firm has the following inventory information for the first quarter:

01/01 Beginning Inventory 50 units @ $5
01/15 Purchases 80 units @ $5.50
02/15 Purchases 60 units @ $5.25
02/15 Purchases 40 units @ $5.75
Sales 170 units @ $10
Total operating expenses $500

What is ending inventory under FIFO?

A. $305

B. $322.17

C. $335

D. $350

I have selected a. Is this correct? Thank you!

Ask a New Question or answer this question.

Similar Questions

Using the FIFO method of inventory pricing, what is the dollar value of ending inventory if there were 300 units on hand on
1. 0 answers
Using the FIFO method of inventory pricing, what is the dollar value ending inventory if there were 300 units on hand December
1. 0 answers
3) A firm has beginning inventory of 300 units at a cost of $11 each. Production during the period was 650 units at $12 each. If
1. 2 answers
A firm has beginning inventory of 300 units at a cost of $11 each. Production during the period was 650 units at $12 each. If
1. 1 answer

more similar questions