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Rosen's Department store had 430 big-screen tv's in stock at the end of the year. Inventory records show the following information: Date Quantity Cost Total
Rosen's Department store had 430 big-screen tv's in stock at the end of the year. Inventory records show the following information:
Date | Quantity | Cost | Total | |
Jan 1 | Beginning Inventoy | 350 | $2,610 | $913,500 |
July 8 | Purchase | 50 | $2,400 | $120,000 |
Aug 3 | Purchase | 150 | $2,880 | $432,000 |
Oct 15 | Purchase | 450 | $3,210 | $1,444,500 |
Nov 18 | Purchase | 50 | $3,300 | $165,00 |
Total available for sale Quantity $1,000 Total $3,075,000.
Using the FIFO method of inventory pricing, calculate the dollar value of the ending inventory.
a. $1,119,900
b. $1,419,000
c. $1,384,800
d. $1,122,300
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