A company has beginning inventory of 15 units at a cost of $12 each on October 1.On October 5,it purchases 10 units at $13 per unit.On October 12 it purchases 20 units at $14 per unit.On October 15,it sells 30 units.Using the FIFO periodic inventory method,what is the value of the inventory at October 15 after the sale?
A)$140
B)$160
C)$210
D)$380
E)$590

Question

Quizplus · Accepted Answer

Under FIFO, the oldest costs are assigned to the cost of goods sold first. The remaining inventory is valued at the most recent costs. After selling 30 units, 15 units at $14 each remain, totaling $210.

A Company Has Beginning Inventory of 15 Units at a Cost