Phoenix Plc sells hard disks of similar make and model and reports an opening inventory on 1 July 2014 of 20 units purchased at £60.Its purchases during are as follows:
September 90 units @ £70
November 110 units @ £75
March 70 units @ £80
Phoenix Plc sold 260 units during the year.
What is the cost of ending inventory using FIFO and weighted average method respectively (rounded to the nearest dollar)?
A)£2100; £2209
B)£2100; £2250
C)£2400; £2209
D)£2400; £2250

Question

Quizplus · Accepted Answer

The Answer of Phoenix Plc sells hard disks of similar make and model and reports an opening inventory on 1 July 2014 of 20 units purchased at £60.Its purchases during are as follows:
September 90 units @ £70
November 110 units @ £75
March 70 units @ £80
Phoenix Plc sold 260 units during the year.
What is the cost of ending inventory using FIFO and weighted average method respectively (rounded to the nearest dollar)?
A)£2100; £2209
B)£2100; £2250
C)£2400; £2209
D)£2400; £2250

Phoenix Plc Sells Hard Disks of Similar Make and Model