Question

The following information pertains to Julia & Company:    March 1 Beginning inventory = 26 units...

The following information pertains to Julia & Company:
  
March 1 Beginning inventory = 26 units @ $5.90
March 3 Purchased 17 units @ 4.00
March 9 Sold 20 units @ 8.10
  
What is the ending inventory balance for Julia & Company assuming that it uses FIFO? (Do not round your intermediate calculations. Round your answer to the nearest dollar amount.)

$106

$68

$103

$136

Business   Accounting   
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Answer #1

Option C: $103

The ending inventory balance for Julia & Company assuming that it uses FIFO:

Total Units as on March 9 = Beginning Inventory + Purchases

= 26 Units + 17 Units

= 43 units

Hence, Sold 20 Units from the beginning Inventory .Hence remaining units from Beginning Inventory =

= 26 Units - 20 Units

= 6 Units

Hence, Remaining Inventory= 43 Units -20 Units

= 13 Units

Valur = ( 6) Units * $ 5.90 + ( 17) * $ 4

= $ 35.4 + 68

= $ 103.4

I.e 103

= $ 97

Hence the correct answer is $ 97

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