Calculate the Cost of Ending Inventory Using FIFO Method A) $800
B) $760
C) $580
D) $500

question 40

Multiple Choice

Calculate the cost of ending inventory using FIFO method. $\begin{array}{lll}10 \text { units at } \$ 10 \text { each } & \text { Beginning inventory } & 1 / 1 \\40 \text { units at } \$ 12 \text { each } & \text { Purchase } & 2 / 28 \\50 \text { units at } \$ 14 \text { each } & \text { Purchase } & 5 / 10 \\30 \text { units at } \$ 16 \text { each } & \text { Purchase } & 9 / 20 \\50 \text { units } & \text { Encling inventory } & 12 / 31\end{array}$

• A) $800
• B) $760
• C) $580
• D) $500

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Definitions:

Ease Of Entry

Refers to the absence of barriers for new competitors to enter an industry or market.

Profit Maximizing

The process by which a firm determines the price and output level that returns the greatest profit.

Firm Charges

Fees or prices levied by a company for its services or products.

Efficient Output Level

The level of output where the firm's average total cost is minimized, ensuring operational efficiency.