Cengage : CengageNOW/21 OnlX News | Dashboard × © Accounting question Q Chapter

Question

Cengage : CengageNOW/21 OnlX News | Dashboard × © Accounting question Q Chapter 7, quiz Flash. × Q chapter 7 Acct FlashcX + * ¢v2.cengagenow.com/ilrntakeAssignment/takeAssignmentMain.do?!nvoker-... asearch Ch 7-4 Test Calculator Use the information below to answer the following question. 1. MC.07-049 The following lots of a particular commodity were available for sale during the year: 2. MC.07-098 Beginning inventory First purchase Second purchase Third purchase 10 units at $30 25 units at $32 30 units at $34 10 units at $35 3. MC.07-053 4. MC.07-105 5. MC.07-100 The firm uses the periodic system, and there are 20 units of the commodity on hand at the end of the year. What is the amount of inventory at the end of the year according to the FIFO method? a. $655 Ob. $620 6. MC.07-079 7. MC.07-064 C$690 Od·$659 8. MC.07-096 9. MC.07-090 10. MC.07-059 11. MC.07-080 12. MC.07-054 13. MC.07-060 14. MC.07-070 Previous Next Progress: 11/21 items Time Remaining: 1:00:01 All work saved. Submit Test for Grading :01 PM Type here to search 97 11/16/2017 7

Explanation / Answer

Ending inventory = (10*35)+(10*34)= 690 Option C is correct

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