Question
. The following Inventory was purchased throughout the month of January for Angie's Ribbons Corp. DATE Ribbons Price per Ribbon 2-Jan 1,000 $1.00 10-Jan 500
. The following Inventory was purchased throughout the month of January for Angie's Ribbons Corp.
| DATE | Ribbons | Price per Ribbon |
| 2-Jan | 1,000 | $1.00 |
| 10-Jan | 500 | $3.00 |
| 20-Jan | 500 | $2.00 |
| 30-Jan | 1,000 | $4.00 |
(a) Assume no sales of ribbons occurred in the month of January. What is the total dollar value of the ending inventory? What is the average price paid per Ribbon?
(b) Now assume 1,000 ribbons were sold on Jan 31st. What is the value of the remaining inventory using the LIFO method? What is the value of the remaining inventory using the FIFO method? What is the value of the remaining inventory using Average Cost?
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The Entrepreneur's Growth Startup Handbook 7 Secrets To Venture Funding And Successful Growth
Authors: David N. Feldman
1st Edition
1118445651, 978-1118445655
