Business, 29.10.2019 01:31 22moneymorgan

Assume that we use a perpetual inventory system and that five identical units are purchased at the following four dates and costs: april 5 $10april 10 $12april 15 $14april 20 $16april 22 $17one unit is sold on april 25. the company uses the first-in, first-out (fifo) inventory costing method. identify the cost of the ending inventory on the balance sheet. cost of the ending inventory:

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Answer from: blazecarley

Cost of the ending inventory 335

Explanation:

FIFO Units Cost SellCost Un. Ending Inventory

April 5510150440

April 10512 60560

April 15514 70570

April 20516 80580

April 22517 85585

335

Answer from: murdocksfamilyouoxvm

Cost of Ending Inventory is $ 67.

Explanation:

FIFO stands for First in First out. It is type of inventory valuation method which assumes that the inventory/stock which is purchased earlier must be issued to production. Thus, the closing inventory in case of FIFO method are composed of recently items purchased.

Cost of Ending inventory

Date Units Purchased Per Unit Cost Total Cost

April-05 5 2 10

April-10 5 2.4 12

April-15 5 2.8 14

April-20 5 3.2 16

April-22 5 3.4 17

Closing Inventory on April-22 69

One Unit is sold on April-25;

April-25 (1) (2) (2)

Closing inventory after sales of one unit;

Date Units in Hand Per Unit Cost Total Cost

April-05 4 2 8

April-10 5 2.4 12

April-15 5 2.8 14

April-20 5 3.2 16

April-22 5 3.4 17

Closing Inventory on April-25 67

Answer from: Quest

answerblank(1) starts; blank(2); // cash cows;

Answer from: Quest

answer///the madrid protocol;

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