A company purchased 100 units for $30 each on January 31. It purchased 300 uni for $20 each on February 28. It sold a total of 370 units for $110 each from March through December 31. If the company uses the last - in, first-out inventory costing method, calculate the cost of ending inventory on December 31. (Assume that the company uses a perpetual inventory system.) A. $900 B. $600 O C. $2,400 O D. $30

A company purchased 100 units for $30 each on January 31. It purchased 300 uni for $20 each on February 28. It sold a total of 370 units for $110 each from March through December 31. If the company uses the last - in, first-out inventory costing method, calculate the cost of ending inventory on December 31. (Assume that the company uses a perpetual inventory system.) A. $900 B. $600 O C. $2,400 O D. $30

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter7: Inventories: Cost Measurement And Flow Assumptions

Section: Chapter Questions

Problem 3RE: Reid Company uses the periodic inventory system. On January 1, it had an inventory balance of...

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