Rick Company's Beginning Inventory and Purchases During the Fiscal Year

question 70

Short Answer

Rick Company's beginning inventory and purchases during the fiscal year ended December 31, 2012 were as follows: (NOTE: The company uses a perpetual system of inventory.)

What is the ending inventory of Rick Company for 2012 using FIFO?

---

Definitions:

Stock

An ownership share in a company that represents a claim on part of the corporation's assets and earnings.

Contract Rate

The agreed-upon interest rate specified in a contractual agreement, such as a loan or bond.

Bond

An interest-bearing note payable usually in $1,000 denominations issued by a corporation to a large group of lenders.