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At the end of the first quarter of 2019 Acme Corporation had 950 cases of Gadgets...

At the end of the first quarter of 2019 Acme Corporation had 950 cases of Gadgets in its ending inventory. Facts related to its beginning inventory and purchases are as follows: Mar. 3 Beginning Inventory 250 units at $7 Mar. 8 Purchase 2000 units at $8 Mar. 10 Purchase 5000 units at $9 Mar. 13 Purchase 775 units at $10

Using Periodic FIFO calculate the ending inventory value

$7,750

$7,350

none of the above

$9,325

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Answer #1

For FIFO Method,

950 cases would be remained from last purchases.

Last purchases were 775 units @ $10 per unit

And 5,000 units @ $9

Therefore, ending inventory 950 cases consists of 775 units @ $10, and remaining 175 units @ $9 per unit

Ending Inventory (in $) = (775 x 10) + (175 x 9)

Ending Inventory = $7,750 + $1,575

Ending Inventory = $9,325

Ans : $9,325

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