At January 1, 2020, Nevada Ltd. had 150 units of product A on hand, costing $32 each. Purchases of product A during January were as follows: $$\begin{array} { l l l l }
\text { Date } & & \text { Units } & \text { Unit Cost } \
\text { Jan } 10 & & 200 & \$ 33.00 \
& 18 & 250 & 34.50 \
& 28 & 100 & 36.00
\end{array}$$ A physical count on January 31, 2020 shows 200 units of product A on hand. The cost of the inventory at January 31, 2020 under the FIFO cost formula is

Question

At January 1, 2020, Nevada Ltd. had 150 units of product A on hand, costing $32 each. Purchases of product A during January were as follows: $$\begin{array} { l l l l } 
\text { Date } & & \text { Units } & \text { Unit Cost } \
\text { Jan } 10 & & 200 & \$ 33.00 \
& 18 & 250 & 34.50 \
& 28 & 100 & 36.00
\end{array}$$ A physical count on January 31, 2020 shows 200 units of product A on hand. The cost of the inventory at January 31, 2020 under the FIFO cost formula is

Quizplus · Accepted Answer

The Answer of At January 1, 2020, Nevada Ltd. had 150 units of product A on hand, costing $32 each. Purchases of product A during January were as follows: $$\begin{array} { l l l l } 
\text { Date } & & \text { Units } & \text { Unit Cost } \
\text { Jan } 10 & & 200 & \$ 33.00 \
& 18 & 250 & 34.50 \
& 28 & 100 & 36.00
\end{array}$$ A physical count on January 31, 2020 shows 200 units of product A on hand. The cost of the inventory at January 31, 2020 under the FIFO cost formula is

At January 1, 2020, Nevada Ltd A Physical Count on January 31, 2020 Shows 200 Units