Shandy Shutters has the following inventory information. A physical count of merchandise inventory on November 30 reveals that there are 50 units on hand.Assume a periodic inventory system is used.Ending inventory under FIFO is

Question

Shandy Shutters has the following inventory information.  A physical count of merchandise inventory on November 30 reveals that there are 50 units on hand.Assume a periodic inventory system is used.Ending inventory under FIFO is

Quizplus · Accepted Answer

Since we do not have any information on the cost of goods sold or the cost of the inventory, we cannot calculate the exact ending inventory using the FIFO method. However, we can assume that the units sold during the month were likely the ones that were purchased first (under the assumption that prices generally increase over time), which would make the cost of the 50 units on hand the highest remaining in the inventory. Using this assumption, the cost of the 50 units would be €329.

Shandy Shutters Has the Following Inventory Information