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On january 1 2007 nichols companys inventory of item x

Question - On January 1, 2007, Nichols Company's inventory of Item X consisted of 2,000 units that cost $8 each. During 2007 the company purchased 5,000 units of Item X at $10, each, and it sold 4,500 units. Periodic inventory procedure is used. Calculate the Cost of ending inventory using FIFO?

A. $25,000.

B. $20,500.

C. $37,500.

D. $53,500.

E. None of these.

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Accounting Basics: On january 1 2007 nichols companys inventory of item x

Reference No:- TGS02919282

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