A company has beginning inventory of 10 units at a cost of $10 each on February 1. On February 3, it purchases 20 units at $12 each. 12 units are sold on February 5. Using the FIFO periodic inventory method, what is the cost of the 12 units that are sold?
A) $140
B) $128
C) $124
D) $120
E) $130

Question

Quizplus · Accepted Answer

The Answer of A company has beginning inventory of 10 units at a cost of $10 each on February 1. On February 3, it purchases 20 units at $12 each. 12 units are sold on February 5. Using the FIFO periodic inventory method, what is the cost of the 12 units that are sold?
A) $140
B) $128
C) $124
D) $120
E) $130

A Company Has Beginning Inventory of 10 Units at a Cost