Accounting · Inventory Valuation
Prince Co values inventories on the first in first out (FIFO) basis. Prince Co has 120 items of product A valued at $8 each in inventory at 1 October 20X9. During October 20X9, the following transactions in product A took place: 3 October: Purchases 180 items at $9 each 4 October: Sales 150 items at $12 each 8 October: Sales 80 items at $15 each 18 October: Purchases 300 items at $10 each 22 October: Sales 100 items at $15 each What is the closing balance on the inventory account at 31 October 20X9?
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1$2,400
- 2$3,630
- 3$3,000
- 4$2,700✓
Correct answer
$2,700
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