Berring Sales Uses FIFO

question 40

Multiple Choice

Berring Sales uses FIFO.The partially completed inventory record for January appears below. On January 14,the company sold 10 units.On January 29,the company sold 50 units.
-Complete the inventory record and calculate the Ending inventory balance at the end of January.(Please round to the nearest whole dollar.)

• A) $128
• B) $135
• C) $112
• D) $388

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Definitions:

Raw Materials

The basic substances in their natural, modified, or semi-processed state, used as inputs to a production process for manufacturing goods.

Manufacturing Operations

Activities related to the production of goods, including the conversion of raw materials into finished products, often involving a combination of human labor, machinery, and technology.

Raw Materials Used

The basic materials and components that are consumed in the manufacturing process to produce finished goods.

Total Cost

Total cost refers to the sum of all expenses incurred in producing a product or providing a service, including both fixed and variable costs.