Chapter C, Problem 2P

### College Accounting (Book Only): A ...

13th Edition
Scott + 1 other
ISBN: 9781337280570

Chapter
Section

### College Accounting (Book Only): A ...

13th Edition
Scott + 1 other
ISBN: 9781337280570
Textbook Problem

# Use the information presented in Problem C-1 to solve this problem.RequiredFind the cost of the ending inventory by the first-in, first-out method.PROBLEM C-1 Bean Nursery sells bark to its customers at retail. Bean buys bark from a plywood mill in bulk and transports the bark in its own trucks. Information relating to the beginning inventory and purchases of bark is as follows:RequiredFind the cost of 1,200 cubic yards in the ending inventory by the weighted-average-cost method. Carry average cost per cubic yard to four decimals.Check FigureCost of ending inventory, \$562

To determine

Compute the cost of ending inventory using FIFO method.

Explanation

FIFO: In First-in-First-Out method, items purchased initially are sold first. So, the value of the ending inventory consists the recent cost for the remaining unsold items...

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