Assume that Sparks uses a periodic FIFO inventory system. Its ending inventory consists of 9 units.
Assume that Sparks uses a periodic FIFO inventory system. Its ending inventory consists of 9 units. Calculate the dollar value of its ending Inventory.
| Jan. 1 | Beginning Inventory | 10@$12 |
|---|---|---|
| Jan. 5 | Purchase | 10@$15 |
| Jan. 30 | Purchase | 10@$18 |
| Feb. 8 | Sale | 21 units |
Homework Answers
| Correct option is: B. $162 | |||
| Workings: | |||
| FIFO method is used therefore ending units are from the stock last purchased | |||
| Ending Inventory | = | 9 units X $18 | |
| = | $ 162 | ||
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