Question

Bonita Shutters has the following inventory information.Nov. 1 Inventory 60 units @ $9 8 Purchase 130 units @ $6.017 Purchase 80 units @ $7.025 Purchase 80 units @ $8.0A physical count of merchandise inventory on November 30 reveals that there are 80 units on hand. Assume a periodic inventory system is used. Ending inventory under FIFO is$660.$1588.$640.$1642.

Answer 1

Answer:

The correct answer is C.

Explanation:

Giving the following information:

Nov. 1 Inventory 60 units at $9

Nov. 8 Purchase 130 units at $6.0

Nov. 17 Purchase 80 units at $7.02

Nov. 5 Purchase 80 units at $8

A physical count of merchandise inventory on November 30 reveals that there are 80 units on hand.

We need to use the FIFO (first-in, first-out) inventory method:

Inventory= 80 units* $8= $640