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8090 [49]
2 years ago
8

Inventory records for Dunbar Incorporated revealed the following: Date Transaction Number of Units Unit Cost Apr. 1 Beginning in

ventory 480 $ 2.46 Apr. 20 Purchase 360 2.71 Dunbar sold 580 units of inventory during the month. Ending inventory assuming FIFO would be:
Business
1 answer:
Thepotemich [5.8K]2 years ago
8 0

Answer:

Ending inventory= $964.6

Explanation:

<u>First, we need to calculate the number of units in ending inventory:</u>

Units in ending inventory= total units - units sold

Units in ending inventory= 840 - 580

Units in ending inventory= 260

<u>To calculate the ending inventory cost under the FIFO (first-in, first-out) method, we need to use the cost of the last units remaining in inventory:</u>

Ending inventory= 260*3.71

Ending inventory= $964.6

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<h3>What is saving?</h3>

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In the above situation, it is clearly mentioned that if any member would return the item which costs above $100, then he would save $5. So here the item which the member is returning is above $100 then, the member would save $5.

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