Noll CoHad 450 Units of Product a on Hand at January

question 91

Multiple Choice

Noll Co.had 450 units of product A on hand at January 1, 2007, costing $42 each.Purchases of product A during January were as follows: $\begin{array}{rrr}\text { Date}&\text { Units}&\text { Unit Cost }\\\hline \text { Jan. } 10 & 600 & \$ 44 \\18 & 750 & 46 \\28 & 300 & 48\end{array}$ A physical count on January 31, 2007 shows 600 units of product A on hand.The cost of the inventory at January 31, 2007 under the LIFO method is

• A)$28,200.
• B)$26,700.
• C)$25,500.
• D)$24,600.

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Definitions:

Bank Account

A financial account maintained by a banking institution in which the financial transactions between the bank and a customer are recorded.

Compounded Annually

Interest calculated once per year on the initial principal and the accumulated interest of previous periods.

Savings Account

A savings account is a deposit account held at a financial institution that provides an interest rate to the account holder, offering a safe place to keep money while earning returns.

Interest

The charge for borrowing money or the compensation paid by the borrower to the lender for the use of borrowed funds.