Chapter C, Problem 2P

Use the information presented in Problem C-1 to solve this problem.

Bean Nursery sells bark to its customers at retail. Bean buys bark from a plywood mill in bulk and transports the bark in its own trucks. Information relating to the beginning inventory and purchases of bark is as follows:

Required

Find the cost of the ending inventory by the first-in, first-out method.

Check Figure

Cost of ending inventory, $562