On July 1, Deuce Hardware, Inc What Is the Cost of Deuce's Inventory on July 31

question 53

Multiple Choice

On July 1, Deuce Hardware, Inc.had an inventory of 300 gas grills costing $100 each.Purchases and sales during July are as follows: $\begin{array}{lll}\text {Date}&\text {Purchases}&\text {Sales}\\\text { July 3 } & & 100 @ \$ 125 \text { each } \\\text { July } 10 & 150 @ \$ 110 \text { each } \\\text { July } 17 & &150 @ \$ 130 \text { each }\\\text { July } 17 & 50 @ \$ 120 \text { each } &\end{array}$ What is the cost of Deuce's inventory on July 31 using the FIFO method?

• A)$15, 000
• B)$16, 000
• C)$16, 500
• D)$18, 000

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Definitions:

External Environment

The external factors, forces, situations, and events outside the organization that can affect its performance.

Internal Environment

Factors within a company such as culture, employees, policies, and internal relationships, that influence its operations and performance.

Fiscal Year

A twelve-month period used for accounting purposes and preparing financial statements.

Measurable

Capable of being quantified or precisely assessed.