Answered: Solve the problem using the information…

Solve the problem using the information given in the table and the first- in, first-out inventory method. Round to the nearest dollar. Determine the cost of ending inventory. The chart is attached.

Essentials Of Investments

11th Edition

ISBN:9781260013924

Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Chapter1: Investments: Background And Issues

Section: Chapter Questions

Problem 1PS

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Question

Solve the problem using the information given in the table and the first- in, first-out inventory method. Round to the nearest dollar.

Determine the cost of ending inventory. The chart is attached. I just need to know HOW to get the answer I gave below.

($312)

45 units are in the ending inventory.
Beginning inventory: 35 units at $6.14
June 3: 45 units at $6.62
August 5: 30 units at $7.08

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