A company had the following purchases and sales during its first year of operations: PurchasesSalesJanuary:10 units at $1206 unitsFebruary:20 units at $1255 unitsMay:15 units at $1309 unitsSeptember:12 units at $1358 unitsNovember:10 units at $14013 units?On December 31, there were 26 units remaining in ending inventory. Using the periodic FIFO inventory costing method, what is the cost of the ending inventory? (Assume all sales were made on the last day of the month.)
A. $3,270.
B. $3,445.
C. $3,200.
D. $3,405.
E. $3,540.
Answer: E
You might also like to view...
Which one of the following statements is true?
a. Recognition is concerned with the dollar amount of each economic effect that should be reported in the financial statements. b. Measurement is concerned with how economic effects should be quantified. c. The stability concept is concerned with identification of the specific entity for which economic effects are to be recognized and measured. d. The monetary unit assumption is concerned with the valuation of economic effects in terms of current purchasing power.
Marketing channels make it possible for target customers to buy the product at their desired points of purchase
Indicate whether the statement is true or false
To be a qualifying relative, the taxpayer must meet three general tests and four specific tests. Which one is not part of the four specific tests?
A. Age test. B. Support test. C. Relationship test or member of household test. D. Gross income test.
What are the two different types of costs a company incurs? Explain with examples
What will be an ideal response?