Accounting 9706 · AS & A Level · Traditional costing methods

Traditional costing methods — practice question

A retailer applies the FIFO method to inventory valuation. The information given is: 1 June opening inventory 300 units at $12 per unit 10 June bought 1\,000 units at $12.50 per unit 21 June sold 1\,200 units for $16 each 28 June bought 700 units at $13 per unit What was the inventory value at 30 June?

  • A$6\,000
  • B$9\,850
  • C$10\,080
  • D$10\,350

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