Acme-Jones Corporation Uses a FIFO Perpetual Inventory System

Multiple Choice

Acme-Jones Corporation uses a FIFO perpetual inventory system.
August 2,25 units were purchased at $12 per unit.
August 5,10 units were purchased at $13 per unit
August 15,12 units were sold at $25 per unit.
August 18,15 units were purchased at $14 per unit.
What was the amount of the ending inventory for the month of August?

A) $496.00
B) $486.00
C) $492.57
D) $300.00
E) $510.00