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3 years ago

The following information relates to inventory for Shoeless Joe Inc.

Business

1 answer:

saveliy_v [14]3 years ago

8 0

Answer:

Under FIFO the ending inventory will be $110

Explanation:

The FIFO or the first in first out method of inventory valuation assumes that the units that are purchased or bought in first are the ones to be sold first and the ending inventory will include inventory purchased recently.

The sale made on March 11 will include:

20 units at $2 from March 1 = $40

5 units at $3 from March 7 = $15

Thus the ending inventory will be formed by:

(15-5) units at $3 from March 7 = $30

20 units at $4 from March 12 = $80

Total value of ending inventory = 30+80 = $110

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