Purchase Solution

Ending balance of inventory for Julia & Co assuming that it uses FIFO

Not what you're looking for?

Ask Custom Question

The following information pertains to Julia & Co.:

March 1. Beginning inventory = 30 units @ $5
March 3. Purchased 15 units @ $4
March 9. Sold 25 units @ $8

What is the ending balance of inventory for Julia & Co assuming that it uses FIFO?

1. $125
2. $100
3. $110
4. $85

Purchase this Solution

Solution Summary

The expert examines ending balance for inventory for Julia and Co assuming it uses FIFO.

Solution Preview

Cost of goods available for sale:

March 1 30 units @ $ 5 each = $150
March 3 15 units @ $4 each = $60
Total 45 units ...

Purchase this Solution


Free BrainMass Quizzes
Situational Leadership

This quiz will help you better understand Situational Leadership and its theories.

Basics of corporate finance

These questions will test you on your knowledge of finance.

Understanding the Accounting Equation

These 10 questions help a new student of accounting to understand the basic premise of accounting and how it is applied to the business world.

Writing Business Plans

This quiz will test your understanding of how to write good business plans, the usual components of a good plan, purposes, terms, and writing style tips.

Lean your Process

This quiz will help you understand the basic concepts of Lean.