A company has beginning inventory of 14 units at a cost of $12.00 each on October...

A company has beginning inventory of 14 units at a cost of $12.00 each on October 1. On October 5, it purchases 13 units at $13.00 per unit. On October 12 it purchases 23 units at $14.00 per unit. On October 15, it sells 39 units. Using the FIFO periodic inventory method, what is the value of the inventory at October 15 after the sale?

Expert Solution

Value of the inventory at October 15 after the sale = $154

FIFO INVENTORY SCHEDULE

Date	Qty Purchased	Unit Cost	Total Cost	Qty Sold	Unit cost	Cost of goods sold	Ending Inv.Qty	Unit Cost	Total Inventory

Oct 1							14	12	168

Oct 5	13	13	169				14	12	168
							13	13	169

Oct 12	23	14	322				14	12	168
							13	13	169
							23	14	322

Oct 15				14	12	168
				13	13	169
				12	14	168	11	14	154


TOTAL						505	11		154

Value of the inventory at October 15 after the sale = $154

ekkarill92 answered 1 year ago

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