A small-appliance merchant using the FIFO method of valuing inventory has 60 toasters remaining in inventory. The merchant purchased toasters over a three month-period as follows: 30 purchased at $7.80 on April 1, 50 purchased at $7.70 on May 1, and 20 purchased at $7.80 on June 1. Compute the value of the ending inventory of toasters at FIFO cost.

Question

A small-appliance merchant using the FIFO method of valuing inventory has 60 toasters remaining in inventory. The merchant purchased toasters over a three month-period as follows: 30 purchased at $7.80 on April 1, 50 purchased at $7.70 on May 1, and 20 purchased at $7.80 on June 1. Compute the value of the ending inventory of toasters at FIFO cost.​

Quizplus · Accepted Answer

The Answer of A small-appliance merchant using the FIFO method of valuing inventory has 60 toasters remaining in inventory. The merchant purchased toasters over a three month-period as follows: 30 purchased at $7.80 on April 1, 50 purchased at $7.70 on May 1, and 20 purchased at $7.80 on June 1. Compute the value of the ending inventory of toasters at FIFO cost.​

A Small-Appliance Merchant Using the FIFO Method of Valuing Inventory