Q: A company has an inventory of 12 units at a cost of $12 each on October 1. On October 5, they purchased 6 units at $15 per unit. On October 12, they purchased 17 units at $16 per unit. On October 15, they sold 30 units. Using the FIFO periodic inventory method, what is the value of the inventory on October 15 after the sale? a. $288 b. $106 c. $272 d. $80 e. $560

College Accounting, Chapters 1-27
23rd Edition
ISBN:9781337794756
Author:HEINTZ, James A.
Publisher:HEINTZ, James A.
Chapter13A: Perpetual Inventory Method: Lifo And Moving-average Methods
Section: Chapter Questions
Problem 2SPA: PERPETUAL: LIFO AND MOVING-AVERAGE Kelley Company began business on January 1, 20-1. Purchases and...
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Q: A company has an inventory of 12 units at a cost of
$12 each on October 1. On October 5, they purchased 6
units at $15 per unit. On October 12, they purchased 17
units at $16 per unit. On October 15, they sold 30 units.
Using the FIFO periodic inventory method, what is the
value of the inventory on October 15 after the sale?
a. $288
b. $106
c. $272
d. $80
e. $560
Transcribed Image Text:Q: A company has an inventory of 12 units at a cost of $12 each on October 1. On October 5, they purchased 6 units at $15 per unit. On October 12, they purchased 17 units at $16 per unit. On October 15, they sold 30 units. Using the FIFO periodic inventory method, what is the value of the inventory on October 15 after the sale? a. $288 b. $106 c. $272 d. $80 e. $560
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