A Company Has Beginning Inventory of 15 Units at a Cost

question 85

Multiple Choice

A company has beginning inventory of 15 units at a cost of $12 each on October 1. On October 5, it purchases 10 units at $13 per unit. On October 12 it purchases 20 units at $14 per unit. On October 15, it sells 30 units. Using the FIFO periodic inventory method, what is the value of the inventory at October 15 after the sale?

• A) $380
• B) $590
• C) $140
• D) $160
• E) $210

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Definitions:

Voting Rights

The rights of shareholders to vote on corporate matters, such as electing the board of directors or approving corporate policies.

Dividends Per Share

The amount of dividends that are paid out per share of a company's stock.

Contributed Shares

Shares issued to investors or others as part of the equity financing of a company, represents part of the capital contributed by the shareholders.