Question
Kids Exchange is a not-for-profit childcare center. At the beginning of the fiscal year, which began on September 1, Kids Exchange had 125 snack packs
Kids Exchange is a not-for-profit childcare center. At the beginning of the fiscal year, which began on September 1, Kids Exchange had 125 snack packs in its inventory, valued at $200.00 in total. These snack packs had been purchased in the previous fiscal year. On October 1, Kids Exchange purchased an additional 900 snack packs at a cost of $1.75 each. On February 15, the organization only had 20 snack packs remaining, so it purchased an additional 500 snack packs at a cost of $2.00 each. On July 1, Kids Exchange made one additional purchase of 300 snack packs at a cost of $2.25 each. On August 31, the organization had 110 snack packs remaining in its inventory. Use the information above to answer the questions below:
[Note: Round your answers to TWO decimal places. Do not include symbols ($) or commas in your answers.]
A) Supplies expense under LIFO: $[Blank 1]
B) Inventory balance under LIFO: $[Blank 2]
C) Supplies expense under FIFO: $[Blank 3]
D) Inventory balance under FIFO: $[Blank 4]
E) Value of supplies purchased during the fiscal year: $[Blank 5]
F) Everything else being the same, if 290 packs were purchased in July instead of 300, and the ending balance was 100 packs instead of 110, which of the following would change:
Supplies expense under LIFO Supplies expense under FIFO Both the supplies expense under LIFO and FIFO [Write the WHOLE number corresponding to the correct option - e.g. 1 or 2 or 3] = [BLANK 6]
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