Skyline Furniture has a beginning inventory of 3 dining tables at a cost of $1,400 each. During the year, the company purchased 7 tables at $1,525, 5 at $1,500, and 3 at $1,530. At the end of the year, the company had 4 tables left. Calculate the cost of ending inventory using FIFO.
Skyline Furniture has a beginning inventory of 3 dining tables at a cost of $1,400 each. During the year, the company purchased 7 tables at $1,525, 5 at $1,500, and 3 at $1,530. At the end of the year, the company had 4 tables left. Calculate the cost of ending inventory using FIFO.
Chapter8: Production And Costs
Section8.4: Costs Of Production: Total, Average, Marginal
Problem 4ST
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Skyline Furniture has a beginning inventory of 3 dining tables at a cost of $1,400 each. During the year, the company purchased 7 tables at $1,525, 5 at $1,500, and 3 at $1,530. At the end of the year, the company had 4 tables left. Calculate the cost of ending inventory using FIFO.
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the correct answer is $6090
3 tables at $1530
1 table at $1500
equals -$6090
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