Hello,
A co values it's inventory using the fifo method.At May 20x5 co had 700 engines in inventory,valued at $190 each.30 April 20x6 following transactions took place.
20x5
1 July Purchased 500 engines at $220 each
1 Nov Sold 400 engines for $160,000
20x6
1 Feb Purchased 300 engines at $230 each
15 April Sold 250 engines for $125000
What is the value of the company's closing inventory of engines at 30 April 20x6?
Could you please solve this???
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Fifo
9y ago#1Why on earth are you attempting questions for which you do not have answers? It is pointless.
You should be using a Revision Kit from one of the ACCA approved publishers - they have answers and explanations.
There are 850 units in closing inventory.
300 at $230
500 at $220
50 at $190
You can do the arithmetic yourself :-)
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