The inventory records of TC show the following purchases: Month Units Cost January 15,000 190,500 February 20,000 240,000 March 12,500 165,00 A physical count on March 31 shows 22,500 units on hand. What amount of inventory should be reported as of March 31, using FIFO method of costing? a. 120,000 b. 225,000 c. 280,500 d. 285,000
The inventory records of TC show the following purchases: Month Units Cost January 15,000 190,500 February 20,000 240,000 March 12,500 165,00 A physical count on March 31 shows 22,500 units on hand. What amount of inventory should be reported as of March 31, using FIFO method of costing? a. 120,000 b. 225,000 c. 280,500 d. 285,000
Financial Accounting: The Impact on Decision Makers
10th Edition
ISBN:9781305654174
Author:Gary A. Porter, Curtis L. Norton
Publisher:Gary A. Porter, Curtis L. Norton
Chapter5: Inventories And Cost Of Goods Sold
Section: Chapter Questions
Problem 5.11E: Inventory Costing Methods VanderMeer Inc. reported the following information for the month of...
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The inventory records of TC show the following purchases:
Month Units Cost
January 15,000 190,500
February 20,000 240,000
March 12,500 165,00
A physical count on March 31 shows 22,500 units on hand. What amount of inventory should be reported as of March 31, using FIFO method of costing?
a. 120,000
b. 225,000
c. 280,500
d. 285,000
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