4 Kip started a wholesale store this year selling bulk peanut butter. In January of this...

 

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4 Kip started a wholesale store this year selling bulk peanut butter. In January of this year Kip purchased an initial five tubs of peanut butter for a total cost of $5,000. In July Kip purchased three tubs for a total cost of $6,000. Finally, in November Kip bought two tubs for a total cost of $1,000. Kip sold six tubs by year-end. What is Kip's ending inventory under the FIFO cost-flow method? Multiple Choice O O O $2,500 $1,000 $6,000 $12,000 $5,000 4 Kip started a wholesale store this year selling bulk peanut butter. In January of this year Kip purchased an initial five tubs of peanut butter for a total cost of $5,000. In July Kip purchased three tubs for a total cost of $6,000. Finally, in November Kip bought two tubs for a total cost of $1,000. Kip sold six tubs by year-end. What is Kip's ending inventory under the FIFO cost-flow method? Multiple Choice O O O $2,500 $1,000 $6,000 $12,000 $5,000

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Correct Answer Option 5 Ending Inventory as per FIFO 5000 FIFO Cost of Goods available ... View the full answer