The following data represent the inventory figures for 55-gallon fish tanks at an aquarium. 55-Gallon Fish Tanks Inventory January 1 March 12 July 19 September 2 Fish Tanks Available for Sale: Beginning Inventory Purchase Purchase Purchase (a) How many fish tanks did the aquarium have available for sale? fish tanks 44 units@ $38.00 70 units @ $36.50 135 units @ $39.70 65 units @ $41.75 Cost of Tanks Available for Sale: (b) Calculate the total cost (in $) of the tanks available for sale. $ (d) Calculate the value of the 88 tanks by using LIFO (in $). (c) If physical inventory on December 31 showed 88 tanks on hand, calculate their dollar value by using FIFO. $ $5 Amount (e) Calculate the dollar value of the 88 tanks by using the average cost method (Round your answer to the nearest cent).

The following data represent the inventory figures for 55-gallon fish tanks at an aquarium. 55-Gallon Fish Tanks Inventory January 1 March 12 July 19 September 2 Fish Tanks Available for Sale: Beginning Inventory Purchase Purchase Purchase (a) How many fish tanks did the aquarium have available for sale? fish tanks 44 units@ $38.00 70 units @ $36.50 135 units @ $39.70 65 units @ $41.75 Cost of Tanks Available for Sale: (b) Calculate the total cost (in $) of the tanks available for sale. $ (d) Calculate the value of the 88 tanks by using LIFO (in $). (c) If physical inventory on December 31 showed 88 tanks on hand, calculate their dollar value by using FIFO. $ $5 Amount (e) Calculate the dollar value of the 88 tanks by using the average cost method (Round your answer to the nearest cent).

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.55-Gallon Fish Tanks InventoryJanuary 1March 12.July 19September 2Fish Tanks Available for Sale:Beginning InventoryPurchasePurchasePurchase44 units @ $38.0070

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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