Ending balance of inventory for Julia & Co assuming that it uses FIFO
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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
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Solution Summary
The expert examines ending balance for inventory for Julia and Co assuming it uses FIFO.
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Cost of goods available for sale:
March 1 30 units @ $ 5 each = $150
March 3 15 units @ $4 each = $60
Total 45 units ...
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