Special Sports Store, which uses the FIFO method of valuing inventory, has 60 tennis rackets remaining in inventory. Special purchased tennis rackets over a three-month period as follows: 36 purchased at $15 on January 3, 48 purchased at $15.50 on February 5, and 24 purchased at $16 on March 7. Compute the value of the ending inventory of tennis rackets at FIFO cost.

Question

Special Sports Store, which uses the FIFO method of valuing inventory, has 60 tennis rackets remaining in inventory. Special purchased tennis rackets over a three-month period as follows: 36 purchased at $15 on January 3, 48 purchased at $15.50 on February 5, and 24 purchased at $16 on March 7. Compute the value of the ending inventory of tennis rackets at FIFO cost.​

Quizplus · Accepted Answer

The Answer of Special Sports Store, which uses the FIFO method of valuing inventory, has 60 tennis rackets remaining in inventory. Special purchased tennis rackets over a three-month period as follows: 36 purchased at $15 on January 3, 48 purchased at $15.50 on February 5, and 24 purchased at $16 on March 7. Compute the value of the ending inventory of tennis rackets at FIFO cost.​

Special Sports Store, Which Uses the FIFO Method of Valuing