en Assignment Question 62 Your answer is incorrect Try again

en Assignment Question 62 Your answer is incorrect. Try again. Moroni Industries has the following inventory information. July 1 Beginning Inventory 40 units at $120 5 Purchases 14 Sale 21 Purchases 30 Sale 240 units at $112 160 units 120 units at $115 140 units Assuming that a periodic inventory system is used, what is the amount allocated to ending inventory on a FIFO basis? O $33960 O $11520 O $33980 O $11500 LINK TO TEXT 0

Solution

Ending inventory                             11,500.00 FIFO Date Particulars Units   Cost Amount COGS Jul - 01 Beginning inventory                    40.00                 120.00                4,800.00 Jul -05 Purchase                 240.00                 112.00              26,880.00 Jul -21 Purchase                 120.00                 115.00              13,800.00 Total                 400.00              45,480.00 COGS                 160.00              18,240.00 40*120+120*112 COGS                 140.00              15,740.00 120*112+20*115 Ending Inventory                 100.00              11,500.00 100*115 COGS                           33,980.00 Ending Inventory                           11,500.00