Business
Business, 24.03.2020 03:54, kiwe595

The following units of an inventory item were available for sale during the year:

Beginning inventory 10 units at $55
First purchase 25 units at $60
Second purchase 30 units at $65
Third purchase 15 units at $70

The firm uses the periodic inventory system. During the year, 60 units of the item were sold. The value of ending inventory using FIFO is:

A. $1,250
B. $1,350
C. $1,375
D. $1,150

answer
Answers: 2

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The following units of an inventory item were available for sale during the year:

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