What is the cost of the inventory on January 31 using FIFO method?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Lockout Company revealed the following inventory transactions:
Jan. 1 Beginning balance, 16,000 units @ P140
5 Purchased 4,000 units @ P150
10
Issued 15,000 units
production
15 Purchased 20,000 units @ P160
16 Returned 1,000 units to supplier from
January 15 purchase
25
Issued 8,000 units to production
26 Production returned 4,000 units
to
storeroom from the January 25 issue
31 Purchased 30,000 units @ P150
What is the cost of the inventory on January 31 using FIFO method?
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