Samson Company had the following balances and transactions during 2014: $$\begin{array} { | l | l | }
\hline \text { Beginning Merchandise Inventory } & 10 \text { units at } \$ 95 \
\hline \text { March } 10 & \text { Sold } 8 \text { units } \
\hline \text { June } 10 & \text { Purchased } 20 \text { units at } \$ 100 \
\hline \text { October 30 } & \text { Sold 15 units } \
\hline
\end{array}$$ What is the amount of the company's Merchandise Inventory, as disclosed in the December 31, 2014 balance sheet as per the periodic first-in, first-out (FIFO) costing method?

Question

Samson Company had the following balances and transactions during 2014: $$\begin{array} { | l | l | } 
\hline \text { Beginning Merchandise Inventory } & 10 \text { units at } \$ 95 \
\hline \text { March } 10 & \text { Sold } 8 \text { units } \
\hline \text { June } 10 & \text { Purchased } 20 \text { units at } \$ 100 \
\hline \text { October 30 } & \text { Sold 15 units } \
\hline
\end{array}$$ What is the amount of the company's Merchandise Inventory, as disclosed in the December 31, 2014 balance sheet as per the periodic first-in, first-out (FIFO) costing method?

Quizplus · Accepted Answer

The Answer of Samson Company had the following balances and transactions during 2014: $$\begin{array} { | l | l | } 
\hline \text { Beginning Merchandise Inventory } & 10 \text { units at } \$ 95 \
\hline \text { March } 10 & \text { Sold } 8 \text { units } \
\hline \text { June } 10 & \text { Purchased } 20 \text { units at } \$ 100 \
\hline \text { October 30 } & \text { Sold 15 units } \
\hline
\end{array}$$ What is the amount of the company's Merchandise Inventory, as disclosed in the December 31, 2014 balance sheet as per the periodic first-in, first-out (FIFO) costing method?

Samson Company Had the Following Balances and Transactions During 2014