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.
At beginning = 7200unit at $12 each
During = 3000unit at $13
= 12000 unit at $13.50
Sold = 12900 unit.
Therefore, USING FIFO
= (7200 × 12) + (3000 × 13) + (2700 × 13.50)
= 86400 + 39000 + 36450
Thus, inventory remaining
= (12000 - 2700) × 13.50
= 9300 × 13.50
= $ 125,550
Ending inventory = $125,550
answer; ///i believe that the correct answer is (a) it is the means by which a person earns money;
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