Beginning inventory, purchases, and sales data for May are as follows:
$\begin{array}{lll}
20 \text { units at } \$ 40 \text { each } & \text { Inventory } & \text { May } 1 \
18 \text { units at } \$ 42 \text { each } & \text { Purchase } & 12 \
25 \text { units } & \text { Sales } &
\end{array}$ The business uses the first-in, first-out inventory costing method. Determine the cost of the inventory on hand at the end of May.

Question

Beginning inventory, purchases, and sales data for May are as follows:
 $\begin{array}{lll}
20 \text { units at } \$ 40 \text { each } & \text { Inventory } & \text { May } 1 \
18 \text { units at } \$ 42 \text { each } & \text { Purchase } & 12 \
25 \text { units } & \text { Sales } &
\end{array}$ The business uses the first-in, first-out inventory costing method. Determine the cost of the inventory on hand at the end of May.

Quizplus · Accepted Answer

The Answer of Beginning inventory, purchases, and sales data for May are as follows:
 $\begin{array}{lll}
20 \text { units at } \$ 40 \text { each } & \text { Inventory } & \text { May } 1 \
18 \text { units at } \$ 42 \text { each } & \text { Purchase } & 12 \
25 \text { units } & \text { Sales } &
\end{array}$ The business uses the first-in, first-out inventory costing method. Determine the cost of the inventory on hand at the end of May.

Beginning Inventory, Purchases, and Sales Data for May Are as Follows