Elly Company Uses a Periodic Inventory System An End of the Month (1/31/22) Inventory Showed That 150

question 6

Multiple Choice

Elly Company uses a periodic inventory system. Details for the inventory and purchases accounts for the month of January, 2022 are as follows: $\begin{array}{llrr}&\text { Units } &\text { Per unit price } & \text { Total }\\\hline\text { Balance, } 1 / 1 / 22 &200& \$ 5.00 & \$ 1,000 \\\text { Purchase, } 1 / 15 / 22 & 100 & 5.30 & 530 \\\text { Purchase, } 1 / 28 / 22 & 100 & 5.50 & 550\end{array}$ An end of the month (1/31/22) inventory showed that 150 units were on hand. If the company uses FIFO, what is the cost of the ending inventory?

• A) $750
• B) $805
• C) $850
• D) $815

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