Accounting 9706 · AS & A Level · The accounting system

The accounting system — practice question

A business’s inventory transactions over a three-month span are shown below. January receipts: 100 units at $5 per unit; January receipts: 200 units at $6 per unit. February issues: 50 units. March issues: 200 units. The business values inventory using the first in first out (FIFO) method. What was the inventory value at the end of March?

  • A$250$
  • B$275$
  • C$283$
  • D$300$

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