A company has beginning inventory of 19 units at a cost of $19 each on February 1. On February 3, it purchases 29 units at $21 each. 25 units are sold on February 5. Using the FIFO periodic inventory method, what is the cost of the 25 units that are sold?
Multiple Choice
$487
$504
$491
$494
$475
FIFO periodic Inventory Method
Date | Purchase | Sales | Balance | ||||||
Quantity | Rate | Total | Quantity | Rate | Total | Quantity | Rate | Total | |
Feb 1 | 19 | $19 | $361 | ||||||
Feb 3 | 29 | $21 | $609 | 19 | $19 | $361 | |||
29 | $21 | $609 | |||||||
Feb 5 | 19 | $19 | $361 | ||||||
6 | $21 | $126 | 23 | $21 | $483 | ||||
Total/Balance | 29 | $609 | 25 | $487 | 23 | $21 | $483 |
So cost of 25 Units sold is $487.
A company has beginning inventory of 19 units at a cost of $19 each on February...
Saved Help Save & Exit Submit A company has beginning inventory of 12 units at a cost of $28 each on February 1. On February 3, it purchases 38 units at $30 each. 17 units are sold on February 5. Using the periodic FIFO inventory method, what is the cost of the 17 units that are sold? Multiple Choice Ο Ο $490 Ο $486 Ο Ο $504 Ο () $514 Ο 4476 31 of 47 Next >
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