Using the first-in,first-out method,what is the cost of the merchandise inventory of 30 units on November 30?
A)$640
B)$660
C)$700
D)$600

Name: Using the first-in,first-out method,what is the cost of the merchandise inventory of 30 units on November 30? A)$640 B)$660 C)$700 D)$600
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Question

Quizplus · Accepted Answer

The FIFO method assumes that the oldest inventory items are sold first. If the cost of the oldest inventory (30 units) is $640, then that is the cost of the merchandise inventory on November 30.

Using the First-In,first-Out Method,what Is the Cost of the Merchandise