Use This Inventory Information for the Month of September to Answer

question 78

Multiple Choice

Use this inventory information for the month of September to answer the following question. $\begin{array}{llll}\text { Sept. } & 1 & \text { Beginning inventory } & 10 \text { units @ } \$ 120 \\& 5 & \text { Purchase } & 60 \text { units @ } \$ 112 \\& 14 & \text { Sale } & 40 \text { units }\\&21& \text { Purchase } &30 \text { units @\$116 }\\&30 &\text { Sale }& 28 \text { units } \end{array}$
Assuming that a perpetual inventory system is used,what is ending inventory on a FIFO basis?

• A) $3,704
• B) $7,696
• C) More information is needed.
• D) $3,664

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