(Solved by Humans)-Zimt AG started business in 2007 and uses the FIFO method. During 2007, it purchased 45,000 units of...
Question
Zimt AG started business in 2007 and uses the FIFO method. During 2007, it purchased 45,000 units of inventory at €10 each and sold 40,000 units for €20 each. In 2008, it purchased another 50,000 units at €11 each and sold 45,000 units for €22 each. Its 2008 ending inventory balance (€ thousands) was closest to: A. €105. B. €109. C. €110.
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