A Company Purchased 400 Units for $20 Each on January

question 42

Multiple Choice

A company purchased 400 units for $20 each on January 31.It purchased 520 units for $26 each on February 28.It sold a total of 560 units for $40 each from March 1 through December 31.What is the amount of ending inventory on December 31 if the company uses the first-in,first-out (FIFO) inventory costing method? (Assume that the company uses a perpetual inventory system. )

• A)$9,360
• B)$4,960
• C)$7,200
• D)$2,240

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