Hong, Inc. had the following inventory in fiscal 2020. The company uses the FIFO method...
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Accounting
Hong, Inc. had the following inventory in fiscal 2020. The company uses the FIFO method of accounting for inventory.
Beginning Inventory, January 1, 2020: 130 units @ $15.00 Purchase 200 units @ $16.00 Purchase 50 units @ $18.00 Purchase 110 units @ $19.00
Ending Inventory physical count on December 31, 2020 is 120 units
The ending inventory balance the company would report on the balance sheet for fiscal 2020 is:
Group of answer choices
$1,950
$1,800
$2,160
$2,270
None of the above
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