If 921 jackets were on hand on December 31, find the value (in $) of the ending inventory using the FIFO method of inventory pricing?

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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The annual inventory of Bargain Bonanza, Inc. shows the following information for jackets:

 

*chart attached*

 

If 921 jackets were on hand on December 31, find the value (in $) of the ending inventory using the FIFO method of inventory pricing?
The annual inventary of Bargain Bonanza, Inc. shaws the following information for jackets:
Cost Total Cost
Date
Qty
January 1
Beginning Inventory
400
$44
$17,600
February 14
Purchase
150
45
6,750
July 13
Purchase
250
52
13,000
September 2 Purchase
400
67
26,800
October 8
Purchase
200
60
12,000
Total available for sale 1,400
$76,150
Transcribed Image Text:The annual inventary of Bargain Bonanza, Inc. shaws the following information for jackets: Cost Total Cost Date Qty January 1 Beginning Inventory 400 $44 $17,600 February 14 Purchase 150 45 6,750 July 13 Purchase 250 52 13,000 September 2 Purchase 400 67 26,800 October 8 Purchase 200 60 12,000 Total available for sale 1,400 $76,150
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