Question: Company uses the FIFO method. Using the information provided, what is the unit cost of the 4 4 units remaining in inventory at month end?

Company uses the FIFO method. Using the information provided, what is the unit cost of the 44 units remaining in inventory at month end?
Beginning of the month: 70 units of Product 84K, each costing $31
Week 1: Buys 34 units for $32 each
Week 2: Buys 50 units for $33 each
Week 4: Sells 110 units for $85 each
Answer:
A.
$31
B.
$32
C.
$33
D.
$85

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!