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 48 units @ $38.00   March 12 Purchase 90 units @ $36.50   July 19 Purchase 135 units @ $39.70   September 2 Purchase 85 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). $

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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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 48 units @ $38.00  
March 12 Purchase 90 units @ $36.50  
July 19 Purchase 135 units @ $39.70  
September 2 Purchase 85 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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