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:

Ethnographic Research

A qualitative research method focused on studying cultures and communities through direct observation, participant observation, and other immersive techniques.

Transgendered Person

An individual whose gender identity or expression differs from what is typically associated with the sex they were assigned at birth.

Variety

The quality or state of being diverse or varied, offering a wide range of different options or elements.

Qualitative Research

A research method focusing on understanding phenomena through detailed, subjective descriptions and analysis rather than numerical data.