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26 September, 18:52

Bonita Shutters has the following inventory information. Nov. 1 Inventory 60 units @ $9 8 Purchase 130 units @ $6.017 Purchase 80 units @ $7.025 Purchase 80 units @ $8.0A physical count of merchandise inventory on November 30 reveals that there are 80 units on hand. Assume a periodic inventory system is used. Ending inventory under FIFO is$660.$1588.$640.$1642.

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  1. 26 September, 19:07
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    The correct answer is C.

    Explanation:

    Giving the following information:

    Nov. 1 Inventory 60 units at $9

    Nov. 8 Purchase 130 units at $6.0

    Nov. 17 Purchase 80 units at $7.02

    Nov. 5 Purchase 80 units at $8

    A physical count of merchandise inventory on November 30 reveals that there are 80 units on hand.

    We need to use the FIFO (first-in, first-out) inventory method:

    Inventory = 80 units * $8 = $640
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