【每日一练】ACCA F3（ June 2014）

Please use the space provided on the inside cover of the Candidate Answer Booklet to indicate your chosen answer to each multiple choice question.
Each question is worth 2 marks.

A company values its inventory using the FIFO method. At 1 May 20X5 the company had 700 engines in inventory,
valued at $190 each. During the year ended 30 April 20X6 the following transactions took place:
20X5
1 July                      Purchased 500 engines at $220 each
1 November           Sold 400 engines for $160,000
20X6
1 February              Purchased 300 engines at $230 each
15 April                  Sold 250 engines for $125,000

What is the value of the company’s closing inventory of engines at 30 April 20X6?
A $188,500
B $195,500
C $166,000
D $106,000

Answer：

A
Closing inventory:
                                                         $
50 x $190                                   9,500
500 x $220                             110,000
300 x $230                               69,000
                                             ––––––––
                                              188,500
                                             ––––––––
 

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