The following data represent the inventory figures for 55-gallon fish tanks at an aquarium.55-Gallon Fish Tanks InventoryJanuary 1March 12July 19September 2Fish Tanks Available for Sale:Beginning InventoryPurchasePurchasePurchase(a) How many fish tanks did the aquarium have available for sale?314fish tanks(b) Calculate the total cost (in $) of the tanks available for sale.$12,339 X$44 units @ $38.0070 units @ $36.50115 units @ $39.7085 units @ $41.75Cost of Tanks Available for Sale:(d) Calculate the value of the 88 tanks by using LIFO (in $).(c) If physical inventory on December 31 showed 88 tanks on hand, calculate their dollar value by using FIFO.$ 4,461.60X$Amount(e) Calculate the dollar value of the 88 tanks by using the average cost method (Round your answer to the nearest cent).

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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 12July 19September 2Fish Tanks Available for Sale:Beginning InventoryPurchasePurchasePurchase(a) How many fish ta

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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? 314 ✔fish tanks 44 units @ $38.00 70 units @ $36.50 115 units @ $39.70 85 units @ $41.75 Cost of Tanks Available for Sale: (b) Calculate the total cost (in s) of the tanks available for sale. $ 12,339 X (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. $ 4,461.60 x $ 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? 314 ✔fish tanks 44 units @ $38.00 70 units @ $36.50 115 units @ $39.70 85 units @ $41.75 Cost of Tanks Available for Sale: (b) Calculate the total cost (in s) of the tanks available for sale. $ 12,339 X (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. $ 4,461.60 x $ Amount (e) Calculate the dollar value of the 88 tanks by using the average cost method (Round your answer to the nearest cent).

Century 21 Accounting Multicolumn Journal

11th Edition

ISBN:9781337679503

Author:Gilbertson

Publisher:Gilbertson

Chapter20: Accounting For Inventory

Section: Chapter Questions

Problem 1MP

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