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Beginning inventory @ May 1 500 units @ $ 2.60 First purchase @ May 7 600 units @ $ 2.80 second purchase @ May 17
| Beginning inventory @ May 1 | 500 | units | @ | $ | 2.60 | |
| First purchase @ May 7 | 600 | units | @ | $ | 2.80 | |
| second purchase @ May 17 | 800 | units | @ | $ | 2.90 | |
| Third purchase @ May 23 | 400 | units | @ | $ | 3.00 | |
| Sales @ May 31 | 1,800 | units | @ | $ | 4.50 | |
Determine the amount of ending inventory assuming the FIFO cost flow method.
a. 1490
b.2000
c.1500
d.1300
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Authors: Alan Tang
1st Edition
1032125470, 978-1032125473
