10. Addison Hardware began the month of November with 150 large brass switchplates on hand at a cost of $4.00 each. These switchp ates sell for $7.00 each. The following schedule presents the sales and purchases of this item during the month of November.

Purchase
Date of Transaction	Quantity Recieved	Unit Cost	Units Sold
November 5			100
November 7	200	$4.20
November 9			150
November 11	200	4.40
November 17			220
November 22	250	4.80
November 29			100

If Addison uses FIFO inventory pricing, the value of the inventory on November 30 would be

a. $936

b. $1,046

c. $1,076)

d. $1,104

Answer rating: 100% (QA)

The below table explains the reason Under FIFO the item forming part of inventory at the e... View the full answer