Berring Sales uses FIFO.The partially completed inventory record for January appears below. On January 14,the company sold 10 units.On January 29,the company sold 50 units.
-Complete the inventory record through the January 14 sale and calculate the inventory balance after the sale on January 14.(Please round to the nearest whole dollar.)

Question

Berring Sales uses FIFO.The partially completed inventory record for January appears below.  On January 14,the company sold 10 units.On January 29,the company sold 50 units.
-Complete the inventory record through the January 14 sale and calculate the inventory balance after the sale on January 14.(Please round to the nearest whole dollar.)

Quizplus · Accepted Answer

A) Calculations: 15 × $4 + 40 × $4.25 = $230

Berring Sales Uses FIFO