The following data pertain to a single inventory item for Pasta Co.: Units Cost/

Question

The following data pertain to a single inventory item for Pasta Co.:

Units Cost/unit
June 1 Beginning inventory..........................200..................$3
3 Purchase..........................................80...................5
15 Sale.................................................60
18 Purchase..........................................40...................6
25 Sale...............................................120

Using the periodic system and costing inventory by FIFO, the ending inventory would be: a.$700. b. $540. c. $740. d. $600.
please show work

Explanation / Answer

200*$3=$600 80*$5=$400 40*$6=$240 total=$1240 Ending inventory FIFO under periodic system. $1240-(60+120)*$3=$700

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