Samson Inc.had the following balances and transactions during 2014: 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 Inc.had the following balances and transactions during 2014:  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

11ea84d1_1129_1dd9_83dc_ff4e205862f5_TB3006_00 2
 11ea84d1_1129_44ea_83dc_7f1f28277fc9_TB3006_00 Ending Merchandise Inventory = 7 units × $100 = $700