A company values its inventory using the first in, first out (FIFO) method. At 1 May 2002 the company had 700 engines in inventory, valued at $190 each. During the year ended 30 April 2003 the following transactions took place: 2002 1 July Purchased 500 engines at $220 each 1 November Sold 400 engines for $160,000 2003 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 2003?

FINANCIAL ACCOUNTING
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Chapter1: Financial Statements And Business Decisions
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A company values its inventory using the first in, first out (FIFO) method. At 1 May 2002 the company had 700

engines in inventory, valued at $190 each.

During the year ended 30 April 2003 the following transactions took place:

2002

1 July Purchased 500 engines at $220 each

1 November Sold 400 engines for $160,000

2003

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 2003?

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