Martin Sales had a Beginning inventory balance of $120 made up of 10 units purchased for $12 per...
Question:
Martin Sales had a Beginning inventory balance of $120 made up of 10 units purchased for $12 per unit. Early in the month, they purchased 16 units at $10 per unit. Later that month, they sold 15 units. Martin uses a perpetual inventory system and applies FIFO.
How much is the Ending inventory balance?
A. $130
B. $110
C. $132
D. $116
Inventory:
Inventory refers to assets that a business holds as available for sale. It can be difficult for a business to track the cost of each item in inventory and many use a cost flow assumption for inventory.
Answer and Explanation: 1
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View this answerFIFO stands for first in, first out and assumes that older inventory is sold before newer inventory. This means that ending inventory should be valued...
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Inventory Valuation Methods: Specific Identification, FIFO, LIFO & Weighted Average
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Chapter 6 / Lesson 11
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Inventory valuation methods are ways that companies place a monetary value on the items they have in their inventory. Discover different inventory valuation methods, including specific identification, First-In-First-Out (FIFO), Last-In-First-Out (LIFO), and weighted average.
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