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Urban Museum is a not-for profit museum. At the beginning of fiscal year 2015, which began on July 1, Urban Museum had 150 tote bags
Urban Museum is a not-for profit museum. At the beginning of fiscal year 2015, which began on July 1, Urban Museum had 150 tote bags in its inventory. These tote bags had been purchased in the previous fiscal year at a cost of $1 per bag. On November 1, Urban Museum purchased an additional 500 tote bags at a total cost of $625. On April 1, Urban Museum had 100 tote bags remaining, so it purchased an additional 250 tote bags at a cost of $1.50 per bag. On June 30, Urban Museum had 55 tote bags remaining in its inventory. Use the information above to answer the questions below. [Round your answers to 2 decimal places) A) Supplies expense under FIFO: $ B) Inventory balance under FIFO: $ C) Supplies expense under LIFO: $ D) Inventory balance under LIFO: $ E) Value of supplies purchased during the year: $
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