Inventory information for Great Falls Merchandising, Inc. is provided below. Sales for the period were 2,800 units for $8 each. The company uses a FIFO periodic inventory system
Date Number of Units Unit Cost Total Cost
January 1 Beginning inventory 1,000 $3.00 $3,000
January Purchase 600 $3.50 $2,100
February Purchase 800 $4.00 $3,200
March Purchase 1,200 $4.25 $5,100
Totals 3,600 $13,400
Determine the ending inventory at March 31.
A) $3,400
B) $3,800
C) $9,200
D) $10,000
A
Business
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