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klemol [59]
3 years ago
10

Vaughn uses the periodic inventory system. For the current month, the beginning inventory consisted of 7200 units that cost $14.

00 each. During the month, the company made two purchases: 3000 units at $15.00 each and 12200 units at $15.50 each. Vaughn also sold 13100 units during the month. Using the FIFO method, what is the ending inventory?
Business
1 answer:
mixas84 [53]3 years ago
4 0

Answer:

Ending inventory= $144,150

Explanation:

Giving the following information:

Beginning inventory consisted of 7200 units that cost $14.00 each.

Purchase:

3000 units at $15.00 each

12,200 units at $15.50 each.

Vaughn also sold 13,100 units during the month.

<u>To calculate the ending inventory using the FIFO (first-in, first-out) method, we need to use the cost of the lasts units incorporated into inventory:</u>

Ending inventory= 9,300*15.5

Ending inventory= $144,150

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Answer:

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