AAA Co. uses a periodic inventory system and has the following information in regard to its inventory:

Beginning inventory 450 units @ 16 $7,200

Purchase on January 25 550 units @ 17 9,350

Purchase on March 15 450 units @ 18 8,100

Purchase on October 2 650 units @ 19 12,350

Goods available for sale $37,000

There are 800 units in ending inventory.

What is the amount of the ending inventory using the FIFO method?

$12,350

$7,200

$16,550

$15,050

Answer rating: 100% (QA)

Computation of amount of ending inventory using FIFO methods Beginning ... View the full answer