Question
A restaurant purchases chicken breast four times each week and conducts an inventory weekly. The most recent week's deliveries have been: Monday - 20# chicken
A restaurant purchases chicken breast four times each week and conducts an inventory weekly. The most recent week's deliveries have been:
Monday - 20# chicken at $1.87/pound
Wednesday - 25# chicken at $1.86/pound
Friday - 20# chicken at $1.92/pound
Saturday - 45# chicken at $1.93/pound
Calculate: The value of 30# of chicken left in inventory on Sunday afternoon for the (1) FIFO, (2) LIFO, (3) Weighted Average, and (4) Most Recent Price methods. Assuming the restaurant rotates stock properly, provide the value using the (5) Actual Price method as well
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