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). $
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). $
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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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 | 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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Step 1: Introduce to FIFO, LIFO and Weighted Average Method
VIEWStep 2: Working for cost and units available for sale
VIEWStep 3: Working for ending inventory using FIFO Method
VIEWStep 4: Working for ending inventory using LIFO Method
VIEWStep 5: Working for ending inventory using average cost method
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