The following information pertains to Julia & Company: March 1 Beginning inventory $= 30$ units $@ \$ 5$
March3 Purchased15 units@\$4
March 9 Sold 25 units $@ \$ 8$ What's the ending balance of inventory for Julia & Company assuming that it uses FIFO?

Question

Quizplus · Accepted Answer

Under FIFO, the first units purchased are the first to be sold. Julia & Company sold 25 units, so 30 units from the beginning inventory and 5 units from the March 3 purchase are left. The ending inventory is 5 units @ $5 and 10 units @ $4, totaling $85.

The Following Information Pertains to Julia & Company: March 1 =30= 30=30

The Following Information Pertains to Julia & Company: March 1 $= 30$