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During the past year, Franklin Industries sold 562 calculators. Inventory records for the year are as follows: DATE QUANTITY COST TOTAL January 1 Beginning Inventory
During the past year, Franklin Industries sold 562 calculators. Inventory records for the year are as follows:
DATE | QUANTITY | COST | TOTAL | |
January 1 | Beginning Inventory | 150 | $11.50 | $1,725 |
August 23 | Purchase | 350 | 12.50 | 4,375 |
October 18 | Purchase | 250 | 10.50 | 2,625 |
November 19 | Purchase | 326 | 12.50 | 4,075 |
December 1 | Purchase | 450 | 8.50 | 3,825 |
Total available for sale | 1,526 | $16,625 |
Using the FIFO method of inventory pricing, calculate the dollar value of the ending inventory.
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