Samson Company Had the Following Balances and Transactions During 2012

question 120

Multiple Choice

Samson Company had the following balances and transactions during 2012. $$\begin{array} { | l | l | } \hline \text { Beginning inventory } & 10 \text { units at } \$ 70 \\\hline \text { March } 10 & \text { Sold } 8 \text { units } \\\hline \text { June } 10 & \text { Purchased } 20 \text { units at } \$ 80 \\\hline \text { October 30 } & \text { Sold } 15 \text { units } \\\hline\end{array}$$ What would the company's Inventory amount be on the December 31,2012 balance sheet if the periodic FIFO costing method is used? (Answers are rounded to the nearest dollar.)

• A) $554
• B) $490
• C) $537
• D) $560

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