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August 31, 2014

Homework Help: Business Analysis

Posted by Anna on Wednesday, February 13, 2013 at 2:59pm.

A firm has the following inventory information for the first quarter:

01/01 Beginning Inventory 50 units @ $5
01/15 Purchases 80 units @ $5.50
02/15 Purchases 60 units @ $5.25
02/15 Purchases 40 units @ $5.75
Sales 170 units @ $10
Total operating expenses $500


What is ending inventory under FIFO?


A. $305

B. $322.17

C. $335

D. $350


I have selected a. Is this correct? Thank you!

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