During the past year, a plumbing supply house sold 503 faucets. Inventory records for the year are
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Question:
During the past year, a plumbing supply house sold 503 faucets. Inventory records for the year are as follows:
DATE | QUANTITY | COST | TOTAL | |
January 15 | Beginning Inventory | 28 | $11.25 | $ 315 |
March 22 | Purchase | 74 | 12.50 | 925 |
April 24 | Purchase | 150 | 20.00 | 3,000 |
October 10 | Purchase | 250 | 12.50 | 3,125 |
December 31 | Purchase | 500 | 8.25 | 4,125 |
Total available for sale | 1,002 | $11,490 |
Using the FIFO method of inventory pricing, calculate the dollar value of the ending inventory.
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