A company’s inventory records report the following:
| August 1 | Beginning balance | 30 units @ $20 |
| August 5 | Purchase | 25 units @ $19 |
| August 12 | Purchase | 29 units @ $20 |
|
On
August 15, it sold 60 units. Using the FIFO perpetual inventory method,
what is the value of the inventory at August 15 after the sale?
|
Units available for sale = 30 + 25 + 29 = 84 units
Units in inventory = 84 - 60 = 24 units
Cost of inventory = 24 * $20 each = $480
Units in inventory = 84 - 60 = 24 units
Cost of inventory = 24 * $20 each = $480
No comments:
Post a Comment