FIFO cost formula
The Malibu Shop shows the following data related to item Y₂₇:
$\begin{array} { l l } \text { Inventory, February 1 } & 100 \text { units @ } \$ 7.00 \\\text { Purchase, February } 9 & 200 \text { units @ } \$ 7.60 \\\text { Purchase, February 19 } & 150 \text { units @ } \$ 7.90 \\\text { Inventory, February } 28 & 200 \text { units }\end{array}$ Instructions
Using the FIFO cost formula, what value should be assigned to the ending inventory of item Y₂₇?

Question

FIFO cost formula
The Malibu Shop shows the following data related to item Y₂₇:

\begin{array} { l l } \text { Inventory, February 1 } & 100 \text { units @ } \$ 7.00 \\\text { Purchase, February } 9 & 200 \text { units @ } \$ 7.60 \\\text { Purchase, February 19 } & 150 \text { units @ } \$ 7.90 \\\text { Inventory, February } 28 & 200 \text { units }\end{array}

Instructions
Using the FIFO cost formula, what value should be assigned to the ending inventory of item Y₂₇?

Quizplus · Accepted Answer

The Answer of FIFO cost formula The Malibu Shop shows the following data related to item Y₂₇: $$\begin{array} { l l } \text { Inventory, February 1 } & 100 \text { units @ } \$ 7.00 \ \text { Purchase, February } 9 & 200 \text { units @ } \$ 7.60 \ \text { Purchase, February 19 } & 150 \text { units @ } \$ 7.90 \ \text { Inventory, February } 28 & 200 \text { units } \end{array}$$ Instructions Using the FIFO cost formula, what value should be assigned to the ending inventory of item Y₂₇?

FIFO Cost Formula the Malibu Shop Shows the Following Data

FIFO Cost Formula
the Malibu Shop Shows the Following Data