55-Gallon Fish Tanks Inventory Amount

January 1 Beginning Inventory 44units @ $38.00

March 12 Purchase 70units @ $36.50

July 19 Purchase 135units @ 39.70

September 2 Purchase 85units @ $41.75 Fish Tanks Available for Sale: Cost of Tanks Available for Sale:

(a) How many fish tanks did the aquarium have available for sale? 334 fish tanks

(b) Calculate the total cost (in $) of the tanks available for sale.

$ ________________(13,131 is the wrong answer)

(c) If physical inventory on December 31 showed 88 tanks on hand, calculate their dollar value by using FIFO. (3,663.60 is the wrong answer)

$

(d) Calculate the value of the 88 tanks by using LIFO (in $). 3278

(e) Calculate the dollar value of the 88 tanks by using the average cost method (Round your answer to the nearest cent).(3459.66 is the wrong answer)

$______________