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Contemporary Mathematics for Busin...

8th Edition
Robert Brechner + 1 other
ISBN: 9781305585447

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BuyFindarrow_forward

Contemporary Mathematics for Busin...

8th Edition
Robert Brechner + 1 other
ISBN: 9781305585447
Textbook Problem

You are the merchandise manager at Best Buy. The following data represent your records of the annual inventory figures for a particular video game.

Best Buy
January 1 Beginning Inventory 200 units @ $8.00 $1,600
May 14 Purchase 100 units @ $8.50 850
August 27 Purchase 250 units @ $9.00 2,250
November 18 Purchase 300 units @ $8.75 2,625
Video games available for sale 850 _ _ $ 7 , 325 _ _

Using the FIFO method of inventory pricing, what is the dollar value of ending inventory if 380 video games were on hand on December 31?

To determine

To calculate: The dollar value of ending inventory if 380 video games were on hand on December 31 with the help of FIFO method of inventory pricing.

The data represent the records of the annual inventory figures for a particular video game.

The data at Best Buy of the merchandise manager is given as follows-

Best BuyJanuary 1Beginning Inventory200 units @ $8.00$1,600May 14Purchase100 units @ $8.50850August 27Purchase250 units @ $9.002,250November 18Purchase300 units @ $8.752,625Video games available for sale850¯__$7,325¯__

Explanation

Given Information:

It is given that the data represent the records of the annual inventory figures for a particular video game.

The data at Best Buy of the merchandise manager is given as follows-

Best BuyJanuary 1Beginning Inventory200 units @ $8.00$1,600May 14Purchase100 units @ $8.50850August 27Purchase250 units @ $9.002,250November 18Purchase300 units @ $8.752,625Video games available for sale850¯__$7,325¯__

Formula used:

Use following steps for FIFO method of inventory pricing-

Step1. Write the list of the number of units on hand at the end of the year and their corresponding costs starting with the ending balance and then work backward through the income shipments.

Step2. Multiply the number of units by the corresponding cost per units for each purchase.

Step3

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