Question
Rosen's Department Store had 410 big-screen TVs in stock at the end of the year. Inventory records show the following information. DATE QUANTITY COST TOTAL
Rosen's Department Store had 410 big-screen TVs in stock at the end of the year. Inventory records show the following information.
| DATE | QUANTITY | COST | TOTAL | |
|---|---|---|---|---|
| January 1 | Beginning Inventory | 350 | $2,610 | $ 913,500 |
| July 8 | Purchase | 50 | 2,400 | 120,000 |
| August 3 | Purchase | 150 | 2,880 | 432,000 |
| October 15 | Purchase | 450 | 3,210 | 1,444,500 |
| November 18 | Purchase | 50 | 3,300 | 165,000 |
| Total available for sale | 1,050 | $3,075,000 |
Using the FIFO method of inventory pricing, calculate the dollar value of the ending inventory.
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Income Tax Fundamentals 2013
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
31st Edition
1111972516, 978-1285586618, 1285586611, 978-1285613109, 978-1111972516
