Use this information to answer the following question. $$\begin{array} { l l }
\text { Beginning inventory } & \text { 100 units @ \$8.00 } \
\text { Purchase-Oct. } & \text { 200 units @ } \$ 6.00 \
\text { Purchase-Dec. } & \text { 100 units } @ \$ 12.00
\end{array}$$ A periodic inventory system is used; ending inventory is 151 units.
What is ending inventory under FIFO?

Question

Use this information to answer the following question. $$\begin{array} { l l } 
\text { Beginning inventory } & \text { 100 units @ \$8.00 } \
\text { Purchase-Oct. } & \text { 200 units @ } \$ 6.00 \
\text { Purchase-Dec. } & \text { 100 units } @ \$ 12.00
\end{array}$$ A periodic inventory system is used; ending inventory is 151 units.
What is ending inventory under FIFO?

Quizplus · Accepted Answer

The question does not provide any information about the cost of the inventory. Therefore, we cannot determine the dollar value of the ending inventory under any inventory costing method. The question is asking for the unit quantity of ending inventory under FIFO, which is 151 units. Therefore, the best choice is D, which represents the quantity of the ending inventory.

Use This Information to Answer the Following Question A Periodic Inventory System Is Used; Ending Inventory Is 151