Effie Company uses a periodic inventory system. Details for the inventory account for the month of January, 2018 are as follows: An end of the month (1/31/18) inventory showed that 160 units were on hand. If the company uses FIFO, what is the value of the ending inventory?

Question

Effie Company uses a periodic inventory system. Details for the inventory account for the month of January, 2018 are as follows:  An end of the month (1/31/18) inventory showed that 160 units were on hand. If the company uses FIFO, what is the value of the ending inventory?

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The Answer of Effie Company uses a periodic inventory system. Details for the inventory account for the month of January, 2018 are as follows:  An end of the month (1/31/18) inventory showed that 160 units were on hand. If the company uses FIFO, what is the value of the ending inventory?

Effie Company Uses a Periodic Inventory System