Adam IncUses a Perpetual Inventory System If Adam Uses the FIFO Method, How Much Is Ending

question 117

Multiple Choice

Adam Inc.uses a perpetual inventory system. Jan.
$\begin{array}{rlr}1 & \text { On hand, } 10 \text { units at } \$ 2 \text { each } & \$ 20 \\4 & \text { Sold } 8 \text { units for } \$ 10 \text { each } & 80 \\22 & \text { Purchased } 50 \text { units at } \$ 4 \text { each } & 200 \\26 & \text { Sold } 48 \text { units for } \$ 10 \text { each } & 480\end{array}$ If Adam uses the FIFO method, how much is ending inventory on January 31?

• A) $ 12
• B) $ 16
• C) $ 40
• D) $ 8

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