Question

A company had the following purchases and sales during its first year of operations:

Answer 1

The final answer of the Inventory is $3540.

What is Inventory?

The term inventory refers to the raw materials used in production as well as the goods produced that are available for sale.

FIFO means first in, first out. It means that it is the first purchased inventory that is the first to be sold

Ending inventory comprises of goods bought in May, September and November

cost of the ending inventory :

(4 x $130) + (12 x $135) + (10 x$140) = $3540

Learn more about Inventory from:

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