A company has beginning inventory of 15 units at a cost of $12 each on October...

A company has beginning inventory of 15 units at a cost of $12 each on October 1. On October 5, it purchases 10 units at $13 per unit. On October 12 it purchases 20 units at $14 per unit. On October 15, it sells 30 units. Using the FIFO periodic inventory method, what is the value of the inventory at October 15 after the sale?

Expert Solution

FIFO
Date	Particulars	Units	Cost	Amount	Comments
01-Oct	Opening Inv	15.00	12.00	180.00
05-Oct	Purchase	10.00	13.00	130.00
12-Oct	Purchase	20.00	14.00	280.00
	Total	45.00	13.11	590.00
15-Oct	COGS	30.00	12.67	380.00	1512+1013+5*14
	Ending Inventory	15.00	14.00	210.00	Ending Inventory would consistunits fromLast purchases

Value of inventory at 15 october after sale is $210

ekkarill92 answered 1 year ago

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