Blue Jay Inc Calculate the Cost of Ending Inventory Using the FIFO Method

question 67

Multiple Choice

Blue Jay Inc.reported the following transactions for the month of March:? $$\begin{array} { r l l } 1 & \text { Beginning inventory } & 15 \text { units at } \$ 6 \text { each } \\5 & \text { Purchase } & 29 \text { units at } \$ 9 \text { each } \\13 & \text { Purchase } & 25 \text { units at } \$ 12 \text { each } \\20 & \text { Purchase } & 15 \text { units at } \$ 14 \text { each } \\31 & \text { Ending inventory } & 30 \text { units }\end{array}$$ Calculate the cost of ending inventory using the FIFO method.

• A) $420
• B) $390
• C) $216
• D) $510

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Definitions:

Goblet Cell

A column-shaped cell found in the respiratory and intestinal tracts, which secretes mucus to trap and move pathogens and dirt.

Seromucous Gland

A gland that produces both serous fluid (a watery solution) and mucous (a thicker, protective secretion).