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Kingbird, Inc. has the following inventory data: July 1 Beginning inventory 34 units at $22 $748 7 Purchases 120 units at $23 2760 22 Purchases 17 units at $25 425 $3933 A physical count of merchandise inventory on July 30 reveals that there are 55 units on hand. Using the FIFO inventory method, the amount allocated to ending inventory for July is ____

(A) $1375.
(B) $1231.
(C) $1299.
(D) $1265.

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Answer:

The correct answer is C.

Explanation:

Giving the following information:

July 1: Beginning inventory 34 units at $22

July 7: Purchases 120 units at $23

July 22: Purchases 17 units at $25

A physical count of merchandise inventory on July 30 reveals that there are 55 units on hand.

FIFO (first-in, first-out)

Inventory= 17*25 + 38*23= $1,299

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