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What amount is reported for inventory

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Problem - Assume that Fey Company reports the following initial balance and subsequent purchase of inventory.

Inventory balance at beginning of year 1,200 units @ $60 each $72,000

Inventory purchased during the year 1,800 units @ $90 each 162,000

Cost of goods available for sale during the year 3,000 units $234,000

Assume that 1,900 units are sold during the year.

Required - What amount is reported for inventory on the year-end balance sheet using the FIFO method?

a. $99,000

b. $66,000

c. $135,000

d. $168,000

Reference no: EM132686889

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