Question

In: Accounting

A toy store has beginning inventory of 20 plastic bouncy balls at a cost of $1.05...

A toy store has beginning inventory of 20 plastic bouncy balls at a cost of $1.05 each. During the year the toy store purchased 2 at $1.40; 4 at $2.00; 6 at $3.00; and 20 at $4.00. By the end of the year, 25 balls were sold.

Calculate the following:

  1. the number of plastic bouncy balls in stock at the end of the year,
  2. the cost of ending inventory under LIFO,
  3. the cost of ending inventory under FIFO, and
  4. the cost of ending inventory under weighted average.

Solutions

Expert Solution

weighted average price = 129.80/52= $2.50

ekkarill92 answered 2 years ago
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