Given the Following Data, Calculate the Cost of Ending Inventory

question 6

Multiple Choice

Given the following data, calculate the cost of ending inventory using the FIFO costing method:
$\begin{array} { l l l } 1 / 1 & \text { Beginning inventory } & 45 \text { units at } \$ 10 \text { per unit } \\2 / 25 & \text { Purchases } & 40 \text { units at } \$ 12 \text { per unit } \\6 / 15 & \text { Purchases } & 30 \text { units at } \$ 13 \text { per unit } \\9 / 20 & \text { Purchases } & 25 \text { units at } \$ 14 \text { per unit } \\12 / 31 & \text { Ending inventory } & 40 \text { units }\end{array}$

• A) $560
• B) $480
• C) $545
• D) $400

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Definitions:

Labor Market

The supply of available workers in relation to available work, and the dynamics of employment and wages within this context.

Split Labor Market

A labor market divided along racial, ethnic, or gender lines, leading to different conditions, wages, and opportunities for distinct groups.

Mexican Immigrants

Individuals from Mexico who move to another country, especially the United States, in search of better opportunities, often facing challenges including discrimination and acculturation.

Edna Bonacich

An American sociologist known for her work on ethnic and labor relations, especially concerning the economic dynamics of immigration and the exploitation within capitalist societies.