Use the following information to answer questions
ABC Company purchases five products for sale in the order and at the costs shown: $$\begin{array} { c c }
\text { Unit } & \text { Cost per Unit } \
1 & \$ 10 \
2 & \$ 12 \
3 & \$ 15 \
4 & \$ 18 \
5 & \$ 13
\end{array}$$
-Assume ABC sells two items and uses the FIFO method of inventory valuation.What amount would appear in ending inventory on the balance sheet?
A)$22
B)$46
C)$45
D)$31

Question

Use the following information to answer questions 
ABC Company purchases five products for sale in the order and at the costs shown: $$\begin{array} { c c } 
\text { Unit } & \text { Cost per Unit } \
1 & \$ 10 \
2 & \$ 12 \
3 & \$ 15 \
4 & \$ 18 \
5 & \$ 13
\end{array}$$
-Assume ABC sells two items and uses the FIFO method of inventory valuation.What amount would appear in ending inventory on the balance sheet?
A)$22
B)$46
C)$45
D)$31

Quizplus · Accepted Answer

Under the FIFO (First-In, First-Out) method, the first items purchased are the first ones to be sold. ABC Company sells two items, so the costs of the first two units ($10 and $12) are considered sold. The ending inventory would include the costs of the remaining three units: $15 + $18 + $13 = $46.

Use the Following Information to Answer Questions ABC Company Unit Cost per Unit 1$102$123$154$185$13\begin{array} { c c } \text { Unit } & \text { Cost per Unit } \\1 & \$ 10 \\2 & \$ 12 \\3 & \$ 15 \\4 & \$ 18 \\5 & \$ 13\end{array} Unit 12345​ Cost per Unit $10$12$15$18$13​

Use the Following Information to Answer Questions
ABC Company $\begin{array} { c c } \text { Unit } & \text { Cost per Unit } \\1 & \$ 10 \\2 & \$ 12 \\3 & \$ 15 \\4 & \$ 18 \\5 & \$ 13\end{array}$