The inventory records for Radford Co. reflected the following Beginning inventory @ May 1 First purchase...

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The inventory records for Radford Co. reflected the following Beginning inventory @ May 1 First purchase @ May 7 second purch

Determine the amount of ending inventory assuming the FIFO cost flow method. Multiple Choice $770 $780 $660 $1,320

business accounting

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Answer 1

Answer #1

FIFO METHOD states that inventory purchased first is sold first

Units in ending inventory =1500-1200 = 300

Value of ending inventory = 200*2.60 +100*2.50

=$770

Hence, the answer is $770

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Answer 2

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