What is the ending inventory balance at the end of the year

Assignment Help Accounting Basics

Reference no: EM132717530

Question - The following lots of Commodity Z were available for sale during the year.

Beginning inventory 10 units at $30

First purchase 25 units at $32

Second purchase 30 units at $34

Third purchase 10 units at $35

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 ending inventory balance at the end of the year according to the FIFO method?

a. $655

b. $659

c. $620

d. $690

Reference no: EM132717530

Questions Cloud

Calculate the cost of equity capital using CAPM : Calculate the cost of equity capital using CAPM if the risk-free rate of interest is 5 per cent, the return on the market portfolio is 9 per cent

Find the minimum acceptable unit price for GEM : The only selling costs that would be associated with the order would be a shipping cost of $9.00 per unit. Find the minimum acceptable unit price for GEM

How much would Anne charge for a house : How much would Anne charge for a house with 3,300 square feet and 14 openings, based on high-low method, based on square footage

What are main difficulties in calculating cost of capital : What are the main difficulties in calculating cost of capital for diversified companies? Can diversification reduce all risk? Why or why not

What is the ending inventory balance at the end of the year : 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 ending inventory balance at the end

Why is the high-low method inferior to the regression : Harbour Inc. collected the following data for the first six months of the year concerning its overhead costs, Why is high-low method inferior to the regression

What industry statistics can a business use for comparison : What industry statistics can a business use for comparison? Discuss debt ratio management for both business and personal applications

Calculate the total annual cost of setting up for inventory : The cost associated with setting up the production line is $25, Calculate the total annual cost of setting up for and carrying inventory

What should the contractor do : The contractor can buy a 4-year maintenance contract with a uniform monthly of $320. If the annual interest rate is 6%. What should the contractor do

User Account

All Pages