Reference no: EM132483821

Question 1 - A company purchased 100 units for $20 each on January 31. It purchased 100 units for $30 on February 28. It sold 150 units for $45 each from March 1 through December 31. If the company uses the First-in, First-out inventory costing method, what is the amount of inventory on the December 31 balance sheet?

A) $1,500

B) $1,250

C) $1,000

D) $2,250

Question 2 - A company purchased 100 units for $20 each on January 31. It purchased 100 units for $30 on February 28. It sold 150 units for $45 each from March 1 through December 31. If the company uses the Last-in, First-out inventory costing method, what is the amount of inventory on the December 31 balance sheet?

A) $1,500

B) $1,250

C) $1,000

D) $2,250