Question
Inventory information for Great Falls Merchandising, Inc. is provided below. Sales for the period were 2,800 units for $8 each. The company uses a FIFO
Inventory information for Great Falls Merchandising, Inc. is provided below. Sales for the period were 2,800 units for $8 each. The company uses a FIFO periodic inventory system.
| Date | Number of Units | Unit Cost | Total Cost | |
| January 1 | Beginning inventory | 1,000 | $3.00 | $3,000 |
| January | Purchase | 600 | $3.50 | $2,100 |
| February | Purchase | 800 | $4.00 | $3,200 |
| March | Purchase | 1,200 | $4.25 | $5,100 |
| Totals | 3,600 | $13,400 |
Determine the ending inventory at March 31.
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Merchandising Math A Managerial Approach
Authors: Doris Kincade, Fay Gibson, Ginger Woodard
1st Edition
0130995886, 978-0130995889
