AAA Co. uses a periodic inventory system and has the following information in regard to...
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Accounting
AAA Co. uses a periodic inventory system and has the following information in regard to its inventory:
| Beginning inventory | 200 units @ 15 | $3,000 |
| Purchase on January 25 | 300 units @ 16 | 4,800 |
| Purchase on March 15 | 200 units @ 17 | 3,400 |
| Purchase on October 2 | 400 units @ 18 | 7,200 |
| Goods available for sale | $18,400 |
There are 500 units in ending inventory. What is the amount of the ending inventory using the FIFO method?
A) $8,900
B) $3,000
C) $7,200
D) $7,800
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