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Fix-It Hardware Began the Month of November with 150 Large

Question 20

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Fix-It 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 9150 November 112004.40 November 17220 November 222504.80 November 29100\begin{array}{|l|l|l|l|}\hline&\text { Purchases }\\\hline \text { Date of Transaction } & \text { Quantity Received } & \text { Unit Cost } & \text { Units Sold } \\\hline \text { November 5 } & & & 100 \\\hline \text { November 7 } & 200 & \$ 4.20 & \\\hline \text { November } 9 & & & 150 \\\hline \text { November } 11 & 200 & 4.40 & \\\hline \text { November } 17 & & & 220 \\\hline \text { November } 22 & 250 & 4.80 & \\\hline \text { November } 29 & & & 100 \\\hline\end{array} (CMA adapted, Dec 92 #25) Refer to the Fix-It Hardware example.If Fix-It 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

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