FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Date
Beginning Inventory, Jan. 1
Purchase, Apr 14
Purchase, July 17
Purchase, Oct 31
$7,020.00
$6,930.00
Units Purchased
$7,740.00
$7160.40
275
550
900
1,234
Cost/Unit
$21.50
$19.89
$19.25
$19.50
Total Goods Available for Sale(GAS)
The buyer at Bourbon Street Distributors took physical inventory on
December 31 and found that 360 cases of Hotter than All Get-Out Hot Sauce remained in
inventory. What is the dollar value of the ending inventory using the FIFO method?
Total Cost
Cost of GAS
$5,912.50
$10,939.50
$17,325.00
$24,063.00
YOS
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Transcribed Image Text:Date Beginning Inventory, Jan. 1 Purchase, Apr 14 Purchase, July 17 Purchase, Oct 31 $7,020.00 $6,930.00 Units Purchased $7,740.00 $7160.40 275 550 900 1,234 Cost/Unit $21.50 $19.89 $19.25 $19.50 Total Goods Available for Sale(GAS) The buyer at Bourbon Street Distributors took physical inventory on December 31 and found that 360 cases of Hotter than All Get-Out Hot Sauce remained in inventory. What is the dollar value of the ending inventory using the FIFO method? Total Cost Cost of GAS $5,912.50 $10,939.50 $17,325.00 $24,063.00 YOS
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