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20. Effe Company uses a periodic inventory system. Details for the inventory account for the month...

Question:

20. Effe Company uses a periodic inventory system. Details for the inventory account for the month of January, 2014 are as fo

20. Effe Company uses a periodic inventory system. Details for the inventory account for the month of January, 2014 are as follows: (SHOW CALCULATIONS for full credit Units Per unit price Tota! Balance, 1/1/14 200 $5.00 $1,000 Purchase, 1/15/14 100 5.30 530 Purchase, 1/28/14 100 5.50 550 An end of the month (1/31/14) inventory showed that 160 units were on hand. If the company uses FIFO, what is the value of the ending inventory? a $800 b. 5832 C. $848 d. $868 21. For companies that use a perpetual inventory system, all of the following are purposes for taking a physical inventory except:

Answers

Answerin option d. Explanations 200 +100 + 100 Units of goods available for sale = = 400 units Ending inventory = 160 units

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