The following units of an inventory item were available for sale during the year. Beginning inventory First purchase Second purchase Third purchase 10 units at $55 25 units at $60 30 units at $65 15 units at $70 The firm uses the periodic inventory system. During the year, 60 units of the item were sold. The ending inventory cost using FIFO is O a. $1,150 b. $1,250 c. $1,375 d. $1,350

Financial And Managerial Accounting
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ISBN:9781337902663
Author:WARREN, Carl S.
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Chapter6: Inventories
Section: Chapter Questions
Problem 2PB: LIFO perpetual inventory The beginning inventory for Dunne Co. and data on purchases and sales for a...
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The following units of an inventory item were available for sale during the year.
Beginning inventory
First purchase
Second purchase
Third purchase
10 units at $55
25 units at $60
30 units at $65
15 units at $70
The firm uses the periodic inventory system. During the year, 60 units of the item were sold.
The ending inventory cost using FIFO is
a. $1,150
b. $1,250
c. $1,375
d. $1,350
Transcribed Image Text:The following units of an inventory item were available for sale during the year. Beginning inventory First purchase Second purchase Third purchase 10 units at $55 25 units at $60 30 units at $65 15 units at $70 The firm uses the periodic inventory system. During the year, 60 units of the item were sold. The ending inventory cost using FIFO is a. $1,150 b. $1,250 c. $1,375 d. $1,350
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