Samson, Inc. had the following balances and transactions during 2019: Beginning
ID: 2410379 • Letter: S
Question
Samson, Inc. had the following balances and transactions during 2019:
Beginning Merchandise Inventory
1515
March 10
1212
June 10
4545
October 30
3939
What is the balance of the company's Merchandise Inventory, as disclosed in the December 31, 2019 balance sheet as per the periodic FIFO inventory costing method?
A.
$ 576$576
B.
$ 1 comma 350$1,350
C.
$ 540$540
D.
$ 864
Beginning Merchandise Inventory
1515
units at $ 90$90March 10
Sold1212
unitsJune 10
Purchased4545
units at $ 96$96October 30
Sold3939
unitsExplanation / Answer
D. $ 864
Ending Merchandise Inventory = 9 * $96
Ending Merchandise Inventory = $864
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