Wages Payable Was $350 at the End of October and $280

question 148

Multiple Choice

Wages Payable was $350 at the end of October and $280 at the end of November.Wages Expense for November was $2,000.How much cash was paid for wages during November?

• A)$1,930
• B)$2,630
• C)$2,070
• D)$1,370

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Definitions:

FIFO

"First In, First Out," an inventory valuation method where goods purchased or produced first are sold or used first.

Ending Inventory

The total value of goods remaining unsold at the end of an accounting period, calculated as a part of the cost of goods sold.

Periodic Inventory System

An accounting method where inventory levels and cost of goods sold are determined at set intervals, typically at the end of an accounting period.

FIFO

First-In, First-Out, a method used in inventory management where the first items placed in inventory are the first to be used or sold.