Checkers uses the periodic inventory system. For the current month, the beginning inventory consisted of 7,200 units that cost $12

Checkers uses the periodic inventory system. For the current month, the beginning inventory consisted of 7,200 units that cost $12 each. During the month, the company made two purchases: 3,000 units at $13 each and 12,000 units at $13.50 each. Checkers also sold 12,900 units during the month. Using the FIFO method, what is the ending inventory? a. $120,438. b. $111,600. c. $125,550. d. $113,700.

Answers

C. $125,550

Explanation:

Given that

At beginning = 7200unit at $12 each

During = 3000unit at $13

= 12000 unit at $13.50

Sold = 12900 unit.

Therefore, USING FIFO

Unit sold

= (7200 × 12) + (3000 × 13) + (2700 × 13.50)

= 86400 + 39000 + 36450

= $161850.

Thus, inventory remaining

= (12000 - 2700) × 13.50

= 9300 × 13.50

= $ 125,550

Ending inventory = $125,550

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