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velikii [3]
3 years ago
14

The firm uses the periodic system and there are 20 units of the commodity on hand at the end of the year. What is the amount of

inventory at the end of the year according to the FIFO method?
a. $655
b. $620
c. $690
d. $659
Business
1 answer:
iren [92.7K]3 years ago
4 0

Answer:

c. $690

Explanation:

In FIFO method, A company can sell those products which it has purchased earlier.

Beginning Inventory  = 10 units x $30   = $ 300

First Purchase            = 25 units x $32  = $ 800

Second purchase      = 30 units x $34   =$1,020

Third purchase          = 10 units  x $35   =$  350

Total costs (75 units) = $2,470

As the firm uses FIFO inventory method, it has 20 inventory in hands,

Therefore, 10 units from the last purchase (third) and 10 units from second purchase will be remained unsold.

Hence, Ending inventory cost =

Second purchase 10 units x $34 = $340

Third purchase     10 units x $35 = $350

Total ending inventory cost       = $690

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                 9           Income Summary             329,000.00

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To close Income Summary Account

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                             Jack Banes, Drawing                               47,000.00

To Close withdrawals account.

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