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An inventory record card shows the following details.
February 1 50 units in stock at a cost of $40 per unit
7 100 units purchased at a cost of $45 per unit
14 80 units sold
21 50 units purchased at a cost of $50 per unit
28 60 units sold
What is the value of inventory at 28 February using the FIFO method?
A $2,450
B $2,700
C $2,950
D $3,000You need to watch my free lecture on Inventories where I work through a similar example using both the FIFO method and the AVCO method.
I am sorry, but I cannot possibly type out all my free lectures here 🙂In addition, you must have an answer to the question in the same book in which you found it. If anything in the answer does not make sense then ask!
(Our free lectures are a complete course for Paper F3 and cover everything needed to be able to pass the exam well)
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