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The inventory records for Radford Co. reflected the following Beginning inventory @ May 1 400 units @ $ 2.40 First purchase @ May 7 500
The inventory records for Radford Co. reflected the following
Beginning inventory @ May 1 | 400 | units | @ | $ | 2.40 | |
First purchase @ May 7 | 500 | units | @ | $ | 2.60 | |
second purchase @ May 17 | 700 | units | @ | $ | 2.70 | |
Third purchase @ May 23 | 300 | units | @ | $ | 2.80 | |
Sales @ May 31 | 1,500 | units | @ | $ | 4.30 | |
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Determine the amount of ending inventory assuming the FIFO cost flow method.
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