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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