A-LevelAccountingPreparation of financial statements9706/12 · May/June 2019 · Q211 Mark
A business uses the First In First Out (FIFO) method to value its inventory. The following inventory transactions took place during a month. There was no opening balance. | date | receipts units | $ per unit | issues units | |:---|:---|:---|:---| | 1 July | 100 | 15.50 | | | 6 July | 100 | 15.60 | | | 10 July | | | 80 | | 20 July | 50 | 15.80 | | | 25 July | | | 100 | What was the value of inventory at the end of the month?
A$1085
B$1092
C$1102
D$1106
✓ Correct answer
C: $1102
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