The following data represent the inventory figures for 55-gallon fish tanks at an aquarium.*Chart Attached*(D): Calculate the value of the 88 tanks by using LIFO (in $).$__________(E): Calculate the dollar value of the 88 tanks by using the average cost method (Round your answer to the nearest cent).$___________ 55-Gallon Fish Tanks InventoryAmountJanuary 1Beginning Inventory48 units @ $38.00March 12Purchase70 units @ $36.50July 19Purchase115 units @ $39.70September 2Purchase85 units @ $41.75Fish Tanks Available forSale:Cost of Tanks Available forSale:

Name: The following data represent the inventory figures for 55-gallon fish
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Description: The following data represent the inventory figures for 55-gallon fish tanks at an aquarium.*Chart Attached*(D): Calculate the value of the 88 tanks by using LIFO (in $).$__________(E): Calculate the dollar value of the 88 tanks by using the average c

Using LIFO method, the goods purchased at last are sold first.

Answered: Amount January 1 Beginning Inventory 48…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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The following data represent the inventory figures for 55-gallon fish tanks at an aquarium.

*Chart Attached*

(D): Calculate the value of the 88 tanks by using LIFO (in $).

$__________

(E): Calculate the dollar value of the 88 tanks by using the average cost method (Round your answer to the nearest cent).

$___________

55-Gallon Fish Tanks Inventory
Amount
January 1
Beginning Inventory
48 units @ $38.00
March 12
Purchase
70 units @ $36.50
July 19
Purchase
115 units @ $39.70
September 2
Purchase
85 units @ $41.75
Fish Tanks Available for
Sale:
Cost of Tanks Available for
Sale:

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