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?

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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 8 months ago

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