The beginning inventory and purchases for Ginger Company for January 20Y1 are as follows:

Date Description Units Cost per Unit

10/1 Inventory 1,200 $40

10/4 Purchase 2,000 $43

10/12 Purchase 1,400 $45

10/25 Purchase 3,500 $48

10/30 Purchase 1,900 $50

A physical inventory count was performed on October 31st showing 2,500 units on hand. Ginger Company uses a periodic inventory system.

a) First-in, first out (FIFO) method b) Last-in, first out (LIFO) method c) Weighted average cost method.

Answer rating: 100% (QA)

Step 1 of 1 A 1 First in First out method FIFO In this method you assume th... View the full answer