ch 16

3. The following data represent the inventory figures for 55-gallon fish tanks at Something's Fishy.

Something's Fishy

55-Gallon Fish Tanks Inventory

January 1 Beginning Inventory 37 units @ $42.30

March 12 Purchase75 units @ $40.80

July 19 Purchase 132 units @ $44.00

September 2 Purchase 67 units @ $46.05a.

a. How many fish tanks did Something's Fishy have available for sale?

$

b. Calculate the total cost of the tanks available for sale. Round your answer to the nearest cent.

$

c. If physical inventory on December 31 showed 88 tanks on hand, calculate their dollar value by using FIFO. Round your answer to the nearest cent.

$

d. Calculate the value of the 88 tanks by using LIFO. Round your answer to the nearest cent.

$

e. Calculate the dollar value of the 88 tanks by using the average cost method. Round your answer and the average cost per unit to the nearest cent.

$