Katelyn is the Purchasing Manager at Polo Industries, Inc. She asked you to help her determine what the Ending 8alance for Inventory and the Cost of Goods Sold total would be using the three (3) valuation methods: (a) LIFO (last in first out), (b) FIFO (first in first out), and Weighted Average. The purchase information is below: Inventory Purchase Saturday, June 6, 2020 Sunday, June 14, 2020 Thursday, June 18, 2020 Tuesday, June 30, 2020 Items Cost per Item 107 85.10 158 2$ 79.50 87 $ 95.00 93 $ 92.40 445 Katelyn told you that 300 items were sold and 145 remained in inventory.

FINANCIAL ACCOUNTING
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Author:Libby
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Chapter1: Financial Statements And Business Decisions
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Katelyn is the Purchasing Manager at Polo Industries, Inc. She asked you to help her
determine what the Ending Balance for Inventory and the Cost of Goods Sold total would
be using the three (3) valuation methods: (a) LIFO (last in first out), (b) FIFO (first in first out),
and Weighted Average. The purchase information is below:
Inventory Purchase
Saturday, June 6, 2020
Sunday, June 14, 2020
Thursday, June 18, 2020
Tuesday, June 30, 2020
Items
Cost per Item
107
24
85.10
158
79.50
87
$4
95.00
93
92.40
445
Katelyn told you that 300 items were sold and 145 remained in inventory.
(b) Calculate the valuations using FIFO (2 answers required). Round to the nearest 2 decimal places.
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Transcribed Image Text:Katelyn is the Purchasing Manager at Polo Industries, Inc. She asked you to help her determine what the Ending Balance for Inventory and the Cost of Goods Sold total would be using the three (3) valuation methods: (a) LIFO (last in first out), (b) FIFO (first in first out), and Weighted Average. The purchase information is below: Inventory Purchase Saturday, June 6, 2020 Sunday, June 14, 2020 Thursday, June 18, 2020 Tuesday, June 30, 2020 Items Cost per Item 107 24 85.10 158 79.50 87 $4 95.00 93 92.40 445 Katelyn told you that 300 items were sold and 145 remained in inventory. (b) Calculate the valuations using FIFO (2 answers required). Round to the nearest 2 decimal places. HTML Editor BIU A▼囚,工 E 三三写 xx 三 田, 回 >深1 云 eM VE T 12pt Paragraph AL 6
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