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Accounting

Problem:

A company has inventory of 15 units at a cost of $12 each on August 1. On August 5, they purchased 10 units at $13 per unit. On August 12, they purchased 20 units at $14 per unit. On August 15, they sold 30 units.

Required:

Question: Using the FIFO perpetual inventory method, what is the value of the inventory on August 15 after the sale?

a. $140

b $160

c. $210

d. $380

e. $590

Note: Explain all steps comprehensively.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M91165165

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