Gift & Shop had the following inventory in fiscal 2018. The company uses the FIFO method...
Gift & Shop had the following inventory in fiscal 2018. The company uses the FIFO method of accounting for inventory.
Beginning Inventory, January 1, 2017: 100 units @
$20.00
Purchase 300 units @ $22.00
Ending Inventory, December 31, 2018: 100 units
The company's value of ending inventory for fiscal 2018 is:
A.
$ 6,400
B.
$ 6,600
C.
$ 6,450
D.
$ 6,200
E.
None of the above
Homework Answers
Option (E) is correct
None of the options given are correct
According to FIFO (First in firts out) method, ealiest purchased units will be sold first. Ending inventory comprises 100 units. These 100 units will be from the purchases @22 because units in beginning inventory will be sold out first and then units from purchased units will be sold. So, ending inventory will be:
Ending inventory = 100 units * $22 = $2200
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