Use the Following Information for Questions $\text { Following information was available from the inventory records of Queen Company for July: }$

question 109

Multiple Choice

Use the following information for questions. $\text { Following information was available from the inventory records of Queen Company for July: }$
$\begin{array}{lrrr}&\text { Units }& \text { Unit Cost }& \text { Total.Cost }\\\text { Balance at July 1 } & 30,000 & £ 9.00 & £ 270,000 \\\text { Purchases: } & & & \\\quad \text { July 6 } & 20,000 & 10.20 & 204,000 \\\text { January 26 } & 27,000 & 10.40 & 280,800\end{array}$

$\begin{array}{cc}\text { Sales: }\\\text { July } 7 &(25,000) \\\text { July } 31 &\underline{(40,000) } \\\text { Balance at July } 31 &\underline{\underline{ 12,000}}\end{array}$
-What should be the inventory reported on Queen's July 31 statement of financial position using the FIFO inventory method?

• A) \( £ 108,000 \).
• B) \( £ 117,600 \).
• C) \( £ 124,800 \).
• D) \( £ 126,000 \).

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