The annual inventory of Bargain Bonanza, Inc. shows the following information for jackets: Date Qty Cost Total Cost January 1 Beginning Inventory 400 $44 $17,600 February 14 Purchase 150 41 6,150 July 13 Purchase 250 52 13,000 September 2 Purchase 400 71 28,400 October 8 Purchase 200 56 11,200 Total available for sale 1,400 $76,350 If 945 jackets were on hand on December 31, find the value (in $) of the ending inventory using the FIFO method of inventory pricing?
The annual inventory of Bargain Bonanza, Inc. shows the following information for jackets: Date Qty Cost Total Cost January 1 Beginning Inventory 400 $44 $17,600 February 14 Purchase 150 41 6,150 July 13 Purchase 250 52 13,000 September 2 Purchase 400 71 28,400 October 8 Purchase 200 56 11,200 Total available for sale 1,400 $76,350 If 945 jackets were on hand on December 31, find the value (in $) of the ending inventory using the FIFO method of inventory pricing?
Financial Accounting
14th Edition
ISBN:9781305088436
Author:Carl Warren, Jim Reeve, Jonathan Duchac
Publisher:Carl Warren, Jim Reeve, Jonathan Duchac
Chapter7: Inventories
Section: Chapter Questions
Problem 3PEA: Beginning inventory, purchases, and sales for Item Zebra 9x are as follows: Assuming a perpetual...
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The annual inventory of Bargain Bonanza, Inc. shows the following information for jackets:
Date | Qty | Cost | Total Cost | |
---|---|---|---|---|
January 1 | Beginning Inventory | 400 | $44 | $17,600 |
February 14 | Purchase | 150 | 41 | 6,150 |
July 13 | Purchase | 250 | 52 | 13,000 |
September 2 | Purchase | 400 | 71 | 28,400 |
October 8 | Purchase | 200 | 56 | 11,200 |
Total available for sale | 1,400 | $76,350 |
If 945 jackets were on hand on December 31, find the value (in $) of the ending inventory using the FIFO method of inventory pricing?
$
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