The Ending Inventory Assuming FIFO Is

question 87

Multiple Choice

The ending inventory assuming FIFO is:

• A)$5,140.
• B)$5,080.
• C)$5,060.
• D)$5,050.Ending inventory is assumed to consist of 600 gallons from Mar.23 purchase: 600 $7.35 = $4,410
• + 100 from the Mar.16 purchase:
• 100 $7.30 = $730;
• Total = $5,140.

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Definitions:

Calculated

Determined or deduced by mathematical methods.

Annual Return

The percentage gain or loss on an investment over a one-year period, including dividends and capital gains.

Vincent Van Gogh

A Dutch post-impressionist painter known for his influence on the history of Western art with his vivid paintings.

Investment

Investment refers to the act of allocating resources, usually money, with the expectation of generating an income or profit.