Answer:
Ending inventory : $868
Explanation:
FIFO (First-In-First-Out) is a method of inventory valuation where the inventory that is received first is sold first. In other words, the earliest inventory is used first. This is common for perishable inventory such as fruits and vegetables which if not used fast, will be wasted.
01/01/21 : Beginning Inventory : 200 units x $5 = $1000
01/15/21 : Purchases : 100 units x $5.3 = $530
01/28/21 : Purchases : 100 units x $5.5 = $550
Total units = 200 + 100 + 100 = 400 units
Units sold = Total inventory available for sale - ending inventory
= 400 - 160 = 240 units.
COGS:
Beginning Inventory : 200 units x $5 = $1000
Purchases : 40 units x $5.3 = $212
Cost of goods sold : $1000 + $212 = $1212
Ending inventory:
Purchases : (100 - 40) units x $5.3 = $318
Purchases : 100 units x $5.5 = $550
Ending inventory : $318 + $550 = $868
Answer:
Explanation:
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Answer:
$81.13
Explanation:
first we must calculate the effective monthly interest rate:
1.06 = (1 + i)¹²
1.004868 = 1 + i
i = 0.4868%
the future value of this annuity is given, but we need the monthly contribution:
monthly contribution = future value / FV annuity factor
future value = $1,000
FV annuity factor, 0.4868%, 12 periods = 12.32656
monthly contribution = $1,000 / 12.32656 = $81.13