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Jacobs Company had inventory of 15 units at a cost of $12 each on June 1. On June 5, Jacobs purchased 10 units at $13 per unit. On June 12, it purchased 20 units at $14 per unit. On June 17, it sold 30
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16 votes
16 votes
Jacobs Company had inventory of 15 units at a cost of $12 each on June 1. On June 5, Jacobs purchased 10 units at $13 per unit. On June 12, it purchased 20 units at $14 per unit. On June 17, it sold 30 units. Using FIFO, what is the value of the inventory at June 17 after the sale?

a. $140
b. $160
c. $210
d. $380

User Arnolem
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2 Answers

13 votes
13 votes
The answer is c. $210
User Gorkk
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9 votes
9 votes

Answer: C

Step-by-step explanation:

In FIFO, determine the cost of the inventory that is the oldest and multiply that cost by the amount of inventory that was sold

Value of Inventory = 15 * 14 = $210

User Zhuochen Shen
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