1.

Jackson Enterprises started its business on January 1, 2012. Jackson uses the FIFO inventory valuation method. The company bought 400 generators at a price of $300 each on January 5, 2012. 300 of these generators were sold off at a price of $450 each by the end of March, 2012. On April 10, 2012, 250 more generators were bought at a price of $325 each. By May 31, 2012, 225 generators were further sold off at a price of $500 each.

The inventory value on June 1, 2012 for the company was $ ....?

2.

ABC is a retail company. ABC has only one product to sell. The selling price of the product in the first quarter is $50.00.

Analyze the following table and find the value of ending inventory for the first quarter if ABC uses a perpetual LIFO inventory valuation method. $Answer.

Units purchased and sold (first quarter)
Date	Unit purchased	Purchase price	Units sold	Selling price	Inventory units on hand
2-Jan	1,000	$20.00			1,000
17-Jan			500	$50.00	500
16-Feb	1,000	$18.00			1,500
3-Mar			1,200	$50.00	300
13-Mar	1,000	$17.00			1,300
23-Mar			500	$50.00	800
End of quarter totals	3,000	$5,500	2,200	$110,000

3.

In the previous problem, what is the value of ending inventory for the first quarter if ABC uses the FIFO inventory valuation method? $Answer?