Toddlers' Toyland, which uses the FIFO method of valuing inventory, has 75 brown bears remaining in inventory. Toddlers' purchased brown bears over a three-month period as follows: 72 purchased at $3.50 on October 7, 84 purchased at $3.65 on November 7, and 60 purchased at $3.80 on December 7. Compute the value of the ending inventory of bears at FIFO cost.

Question

Toddlers' Toyland, which uses the FIFO method of valuing inventory, has 75 brown bears remaining in inventory. Toddlers' purchased brown bears over a three-month period as follows: 72 purchased at $3.50 on October 7, 84 purchased at $3.65 on November 7, and 60 purchased at $3.80 on December 7. Compute the value of the ending inventory of bears at FIFO cost.​

Quizplus · Accepted Answer

The Answer of Toddlers' Toyland, which uses the FIFO method of valuing inventory, has 75 brown bears remaining in inventory. Toddlers' purchased brown bears over a three-month period as follows: 72 purchased at $3.50 on October 7, 84 purchased at $3.65 on November 7, and 60 purchased at $3.80 on December 7. Compute the value of the ending inventory of bears at FIFO cost.​

Toddlers' Toyland, Which Uses the FIFO Method of Valuing Inventory