Homework Answers
Answer is 37,400
Calculation is as follows:
Opening inventory: 300 unit * $80
= $24,000
- sales: 80 units * $80
= $6,400
Value of inventory left=$17,600
Then, purchase of 600 units* $85= $51,000
Balance of inventory after purchase= $ 68,600
Less: sales ( applying FIFO method ) i.e. sale of 220 units @$80 + sale of 160 units@ $85 = $31,200
Thus, balance of inventory would be $68600 - $31,200
= $37,400
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