Castle TV, Inc. purchased 1,900 monitors on January 5 at a per-unit cost of $161, and...
Castle TV, Inc. purchased 1,900 monitors on January 5 at a per-unit cost of $161, and another 1,900 units on January 31 at a per-unit cost of $266. In the period from February 1 through year-end, the company sold 3,500 units of this product. At year-end, 300 units remained in inventory.
A. Assume that Castle TV, Inc. uses the FIFO flow assumption. The cost of the 300 units in inventory at year-end is:
B. Assume that Castle TV, Inc. uses the LIFO flow assumption. The cost of the 300 units in the year-end inventory is:
Homework Answers
A. FIFO:
Cost of inventory at year end = 300 units*$266 = $79,800
B. LIFO:
Cost of inventory at year end = 300 units*$161 = $48,300
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Castle TV, Inc. purchased 1,900 monitors on January 5 at a
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