Homework Answers
Under the First in first out (FIFO) method of inventory valuation, Cost of goods sold consists of the units from beginning inventory and earliest purchases. Ending inventory consists of the units from recent purchases.
Units available for sale = Beginning inventory + Purchases
= 1,100 + 520 + 411 + 510
= 2,541
Units sold = 1,910
Units in ending inventory = Units available for sale - Units sold
= 2,541 - 1,910
= 631
631 units in ending inventory consists of 121 units from March 16 purchases and 510 units from March 23 purchases.
Ending inventory = (121 * $8.38) + (510 * $9.08)
= $1,013.98 + $4,630.8
= $5,644.78
= $5,645
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