Answer:
FIFO Ending Inventory $ 64900
Explanation:
Oriole Company
Date Particulars Units Unit Cost Total Cost
January 1, (beginning inventory) 2,000 $15 30,000
January 5, Purchases: 2,500 $17 42500
January 25, Purchases: 2,200 $18 39600
February 16, Purchases: 1,100 $19 20900
<u>March 15, Purchases: 2,200 $20 44000</u>
<u>Total 10,000 $ 177000 </u>
A physical inventory on March 31, 2020, shows 3,300 units on hand.
FIFO means first in first out. It is a method of calculating inventory items. In it the first items purchased are sold out first. Following this rulethe ending inventory FIFO can be calculated by moving backwards from March 15 purchases as follows.
FIFO Ending Inventory $ 64900
March 15 Purchases 2,200 units at $20=$ 44000
February 16,Purchases units 1,100 at $19 =$20900
