A sneaker outlet has made the following wholesale burchases of new running shoes: 12 pairs at $44.20, 25 pairs at $39.2d and 20 pairs at $49.20. An inventory taken last week indicates that 30 pairs are still in stóck. Calculate the cost of this inventory by FIFO Cost of ending imventory
A sneaker outlet has made the following wholesale burchases of new running shoes: 12 pairs at $44.20, 25 pairs at $39.2d and 20 pairs at $49.20. An inventory taken last week indicates that 30 pairs are still in stóck. Calculate the cost of this inventory by FIFO Cost of ending imventory
Advanced Engineering Mathematics
10th Edition
ISBN:9780470458365
Author:Erwin Kreyszig
Publisher:Erwin Kreyszig
Chapter2: Second-order Linear Odes
Section: Chapter Questions
Problem 1RQ
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Question
What is the cost of inventory?
![A sneaker outlet has made the following wholesale purchases of new running shoes: 12 pairs at $44.20, 25 pairs at $39.20, and 20 pairs at $49.20. An inventory taken last week indicates that 30 pairs are still in stock. Calculate the cost of this inventory by FIFO.
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**Cost of ending inventory:**
[Input box/graph not visible]
**Explanation:**
- This problem involves calculating the cost of ending inventory using the First-In, First-Out (FIFO) method, which assumes that the oldest inventory items are sold first.
- Begin with the remaining inventory, which consists of the most recently purchased items, and work backward until the total count of remaining items (30 pairs) is reached.
- The given prices are for each purchase batch, and the goal is to determine the cost of the ending inventory based on these prices.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Ff1767d10-d014-4778-9b0a-016b5dc1326c%2F0089cbf5-2570-4920-ac4d-924dbb4dfe59%2F19twd8k.jpeg&w=3840&q=75)
Transcribed Image Text:A sneaker outlet has made the following wholesale purchases of new running shoes: 12 pairs at $44.20, 25 pairs at $39.20, and 20 pairs at $49.20. An inventory taken last week indicates that 30 pairs are still in stock. Calculate the cost of this inventory by FIFO.
---
**Cost of ending inventory:**
[Input box/graph not visible]
**Explanation:**
- This problem involves calculating the cost of ending inventory using the First-In, First-Out (FIFO) method, which assumes that the oldest inventory items are sold first.
- Begin with the remaining inventory, which consists of the most recently purchased items, and work backward until the total count of remaining items (30 pairs) is reached.
- The given prices are for each purchase batch, and the goal is to determine the cost of the ending inventory based on these prices.
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