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Lauer Corporation has provided the following information about one of its laptop computers: Date Transaction Number...

Lauer Corporation has provided the following information about one of its laptop computers:

Date Transaction Number
of Units		 Cost per Unit
1/1 Beginning Inventory 160 $ 860
5/5 Purchase 260 $ 960
8/10 Purchase 360 $ 1,060
10/15 Purchase 230 $ 1,110

During the year, Lauer sold 900 laptop computers.


What was ending inventory using the FIFO cost flow assumption?

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Answer #1

Ending inventory units = Units available - Units sold

= (160+260+360+230) - 900 = 110 units

Ending inventory cost under Fifo

= (110 * 1110)

= 122,100

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