During the past year, a plumbing supply house sold 504 faucets. Inventory records for the year are as follows. During the past year, a plumbing supply house sold 504 faucets. Inventory records for the year are as follows.QUANTITY COSTTOTALDATEJanuary 15March 22Beginning Inventory28$11.25$315Purchase7412.50925April 24Purchase15020.003,000October 10Purchase25012.503,125December 31Purchase5008.254.125Total available for sale1,00211:490Using the FIFO method of inventory pricing, calculate the dollar value of the ending inventory.$3,315.75$3,566.25$4,108.50($4,158.00

Introduction: Under FIFO method of inventory, inventory which comes first are sold first. Hence…

During the past year, a plumbing supply house sold 504 faucets. Inventory records for the year are as follows. QUANTITY COST ΤΟΤΑΙ DATE January 15 March 22 Beginning Inventory 28 $11.25 $315 Purchase 24 12.50 925 April 24 Purchase 150 20.00 3,000 October 10 Purchase 250 12.50 3,125 December 31 Purchase 500 8.25 4125 Total available for sale 1002 11:490 Using the FIFO method of inventory pricing, calculate the dollar value of the ending inventory. $3,315.75 $3,566.25 O$4,108.50 $4,158.00

During the past year, a plumbing supply house sold 504 faucets. Inventory records for the year are as follows. QUANTITY COST ΤΟΤΑΙ DATE January 15 March 22 Beginning Inventory 28 $11.25 $315 Purchase 24 12.50 925 April 24 Purchase 150 20.00 3,000 October 10 Purchase 250 12.50 3,125 December 31 Purchase 500 8.25 4125 Total available for sale 1002 11:490 Using the FIFO method of inventory pricing, calculate the dollar value of the ending inventory. $3,315.75 $3,566.25 O$4,108.50 $4,158.00

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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