The following data represent the inventory figures for 55-gallon fish tanks at an aquarium. 55-Gallon Fish Tanks Inventory Amount January 1 Beginning Inventory 46 units @ $38.00 March 12 Purchase 70 units @ $36.50 July 19 Purchase 135 units @ $39.70 September 2 Purchase 65 units @ $41.75 Fish Tanks Available for Sale: Cost of Tanks Available for Sale: (a) How many fish tanks did the aquarium have available for sale?
The following data represent the inventory figures for 55-gallon fish tanks at an aquarium. 55-Gallon Fish Tanks Inventory Amount January 1 Beginning Inventory 46 units @ $38.00 March 12 Purchase 70 units @ $36.50 July 19 Purchase 135 units @ $39.70 September 2 Purchase 65 units @ $41.75 Fish Tanks Available for Sale: Cost of Tanks Available for Sale: (a) How many fish tanks did the aquarium have available for sale?
Advanced Engineering Mathematics
10th Edition
ISBN:9780470458365
Author:Erwin Kreyszig
Publisher:Erwin Kreyszig
Chapter2: Second-order Linear Odes
Section: Chapter Questions
Problem 1RQ
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Question
The following data represent the inventory figures for 55-gallon fish tanks at an aquarium.
55-Gallon Fish Tanks Inventory
| Amount | |||
|---|---|---|---|
| January 1 | Beginning Inventory | 46 units @ $38.00 | |
| March 12 | Purchase | 70 units @ $36.50 | |
| July 19 | Purchase | 135 units @ $39.70 | |
| September 2 | Purchase | 65 units @ $41.75 | |
| Fish Tanks Available for Sale: | Cost of Tanks Available for Sale: |
(a)
How many fish tanks did the aquarium have available for sale?
fish tanks
(b)
Calculate the total cost (in $) of the tanks available for sale.
$
(c)
If physical inventory on December 31 showed 88 tanks on hand, calculate their dollar value by using FIFO.
$
(d)
Calculate the value of the 88 tanks by using LIFO (in $).
$
(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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