Question $23$

Based on journal entries below for $2015$ and $2016,$ what is the ASSETS TOTAL in $2016?$

Apply FIFO.

$2015$

$2016$

You contributed $$100$ cash to start business

You contributed $$60$ cash to your business

You purchased $6$ products @ $$10,$ with A$/$P

You purchased $2$ products @ $$15,$ with Cash

You sold $4$ products @ $$30$ with cash

You sold $3$ products @ $$30$ with AR

Record COGS $($FIFO$)$

Record COGS $($FIFO$)$

You paid $$30$ to your supplier.

You received $$50$ from your customer.

$330$

$325$

$320$

$340$