Chase Co. uses the perpetual inventory method. The inventory records for Chase reflected the following Assuming Chase uses a FIFO cost flow method, the ending inventory on January 31 is:
A) $345.
B) $340.
C) $330.
D) $1,020.

Question

Chase Co. uses the perpetual inventory method. The inventory records for Chase reflected the following  Assuming Chase uses a FIFO cost flow method, the ending inventory on January 31 is:
A) $345. 
B) $340. 
C) $330. 
D) $1,020.

Quizplus · Accepted Answer

(50 × $2.40) + (100 × $2.20) = $340 ending inventory

Chase Co Uses the Perpetual Inventory Method