Using the periodic FIFO inventory costing method, what is the cost of the ending inventory? (Assume all sales were made on the last day of the month.) Multiple Choice $3,405. $3,445. $3,200. $3,540. $3,270.

The question is incomplete, below is the completed question:

A company had the following purchases and sales during its first year of operations:                

January: Purchases 10 units at $120-sales 6 units

February: Purchases 20 units at $125-sales 5 units

May: Purchases 15 units at $130-sales 9 units

September: Purchases 12 units at $135-sales 8 units

November: Purchases 10 units at $140-sales 13 units

On December 31, there were 26 units remaining in ending inventory. Using the periodic FIFO inventory costing method, what is the cost of the ending inventory? (Assume all sales were made on the last day of the month.) Multiple Choice $3,405. $3,445. $3,200. $3,540. $3,270.

The cost of ending inventory = $3,540

Explanation:

FIFO (First-in-first-out) inventory costing method is a costing method where the goods purchased first are sold first before those purchased at a later date.

In order to answer this question, let us first determine the total number of units of goods purchased during the year

Month         units

January       10

February     20

May             15

September  12

November   10

Total             67

Therefore a total of 67 units were  purchased  during the year.

Next, we are told that the ending inventory balance = 26 units

Therefore the number of units sold during the year = Total purchase - ending inventory = 67 - 26 = 41

41 units were sold during the year.

using the FIFO inventory method, the units purchased first are sold out first therefore, out of the 41 units sold:

January   = 10 units

February = 15 units

May         =  11 units

Total        = 41 units

This means that out of the 15 unit purchased in may, 11 units were sold, hence the number of units remaining = 15 - 11 = 4 units.

From this point up to November, forms the ending iniventory therefore, the the total ending inventory is calculated as follows:

Month          units          price per unit($)       Total($)

May                4                130                              520

September    12               135                            1,620

November     10               140                            1,400

Total               26                                                3,540

Therefore, the cost of ending inventory = $3,540                                      

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