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During the past year, a plumbing supply house sold 504 faucets. Inventory records for the year are as follows. QUANTITY COST ΤΟΤΑΙ DATE January 15 March 22 Beginning Inventory 28 $11.25 $315 Purchase 24 12.50 925 April 24 Purchase 150 20.00 3,000 October 10 Purchase 250 12.50 3,125 December 31 Purchase 500 8.25 4125 Total available for sale 1002 11:490 Using the FIFO method of inventory pricing, calculate the dollar value of the ending inventory. $3,315.75 $3,566.25 O$4,108.50 $4,158.00

During the past year, a plumbing supply house sold 504 faucets. Inventory records for the year are as follows. QUANTITY COST ΤΟΤΑΙ DATE January 15 March 22 Beginning Inventory 28 $11.25 $315 Purchase 24 12.50 925 April 24 Purchase 150 20.00 3,000 October 10 Purchase 250 12.50 3,125 December 31 Purchase 500 8.25 4125 Total available for sale 1002 11:490 Using the FIFO method of inventory pricing, calculate the dollar value of the ending inventory. $3,315.75 $3,566.25 O$4,108.50 $4,158.00

Intermediate Accounting: Reporting And Analysis
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter7: Inventories: Cost Measurement And Flow Assumptions
Section: Chapter Questions
Problem 14RE: On January 1 of Year 1, Dorso Company adopted the dollar-value LIFO method of inventory costing....
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During the past year, a plumbing supply house sold 504 faucets. Inventory records for the year are as follows.
During the past year, a plumbing supply house sold 504 faucets. Inventory records for the year are as follows. QUANTITY COST TOTAL DATE January 15 March 22 Beginning Inventory 28 $11.25 $315 Purchase 74 12.50 925 April 24 Purchase 150 20.00 3,000 October 10 Purchase 250 12.50 3,125 December 31 Purchase 500 8.25 4.125 Total available for sale 1,002 11:490 Using the FIFO method of inventory pricing, calculate the dollar value of the ending inventory. $3,315.75 $3,566.25 $4,108.50 ($4,158.00
Transcribed Image Text:During the past year, a plumbing supply house sold 504 faucets. Inventory records for the year are as follows. QUANTITY COST TOTAL DATE January 15 March 22 Beginning Inventory 28 $11.25 $315 Purchase 74 12.50 925 April 24 Purchase 150 20.00 3,000 October 10 Purchase 250 12.50 3,125 December 31 Purchase 500 8.25 4.125 Total available for sale 1,002 11:490 Using the FIFO method of inventory pricing, calculate the dollar value of the ending inventory. $3,315.75 $3,566.25 $4,108.50 ($4,158.00
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