A company has beginning inventory of 32 units at a cost of $12.00 each on October...
A company has beginning inventory of 32 units at a cost of $12.00 each on October 1. On October 5, it purchases 22 units at $13.00 per unit. On October 12 it purchases 32 units at $14.00 per unit. On October 15, it sells 66 units. Using the FIFO periodic inventory method, what is the value of the inventory at October 15 after the sale?
Homework Answers
| Unit | Unit Cost | Total cost | |
| Beginning inventory | 32 | 12 | 384 |
| Oct 5 | 22 | 13 | 286 |
| Oct 12 | 32 | 14 | 448 |
| Total | 86 |
Ending inventory Unit = 86-66 = 20 Units
Value ending inventory = 20*14 = $280
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