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Question
Addison Hardware
Addison Hardware began the month of November with 150 large brass switchplates on hand at a cost of $4.00 each. These switchplates sell for $7.00 each. The following schedule presents the sales and purchases of this item during the month of November.
| Purchases | |||
| Date of Transaction | Quantity Received | Unit Cost | Units Sold |
| November 5 | 100 | ||
| November 7 | 200 | $4.20 | |
| November 9 | 150 | ||
| November 11 | 200 | 4.40 | |
| November 17 | 220 | ||
| November 22 | 250 | 4.80 | |
| November 29 | 100 | ||
(CMA adapted, Dec 92 #25) Refer to the Addison Hardware example. If Addison uses FIFO inventory pricing, the value of the inventory on November 30 would be
A. $936
B. $1,046
C. $1,076
D. $1,104
E. $1,204
Answer
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Quantity Received
Unit Cost
Units Sold November 5 100 November 7
200
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