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2 years ago

Beginning inventory, purchases and sales data for T-shirts are as follows:

Business

1 answer:

Karolina [17]2 years ago

5 0

Based on the First In; First Out method of inventory management, the ending inventory is $180.

FIFO means that the earlier stock is sold off first. This means that the sale on April 14 was based on the beginning inventory first and then the Purchase on the 11.

Stock on April 14:

= Beginning stock + Purchases - Sale

= 24 + 26 - 36

= 14 units at $12 each

Stock at 25th:

= Remaining April 11 purchases + April 21 Purchases - Sales

= 14 + 18 - 20

= 12 units at $15

Ending inventory:

= 7 x 12

= $180

In conclusion, closing inventory is $180.

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