Multiple-Choice Exercise 6-6 Morgan Inc. has the following units and costs for the month of April:...
Multiple-Choice Exercise 6-6
Morgan Inc. has the following units and costs for the month of April:
| Units Purchased at Cost | Units Sold at Retail | |
| Beginning inventory, April 1 | 1,200 units at $25 | |
| Purchase 1, April 9 | 1,500 units at $28 | |
| Sale 1, April 12 | 2,400 units at $45 | |
| Purchase 2, April 22 | 1,000 units at $30 |
If Morgan uses a perpetual inventory system, what is the cost of ending inventory under FIFO at April 30?
a.$69,500
b.$63,600
c.$38,400
Homework Answers
|
Cost of ending inventory under Fifo = (300 units * 28) + (1000 units * 30) = 8400 + 30,000 = 38,400 Option C is the answer |
|
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Multiple-Choice Exercise 6-6
Morgan Inc. has the following units and costs for the month of
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