Thursday
December 18, 2014

Homework Help: Math

Posted by Mary Ann on Saturday, January 22, 2011 at 3:04pm.

I have 2 questions involving inventory

Question 1.
Your a manager of an auto parts store.Figures below contains your records of the annual inventory figures for windshield wipers. Using the FIFO method of inventory pricing,hat is the dollor value of ending inventory if there were 300 units on hand on Dec.31? Round yur aswer to the nearest dollor.
Answers to choose from
A.3,188
B.3,219
c.3,350
d.3,600

January 1 Beginning inventory 300 units @11.00
March 15 Purchase 150 units @ 10.50
June 10 Purchase 200 units @ 10.75
Sept.22 Purchase 175 units @ 10.00
Dec.10 Purchase 100 units @ 12.00

Then the second question wants the dollor value of the ending inventory using the LIFO method,having the ending inventory on Dec 31 of 500 units.
Answers
A.5,450
b.5,413
c.5,363
d.5,225
Could you please help.thank-you

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