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August 1, 2014

Posted by Anna on Wednesday, February 13, 2013 at 3:02pm.

Mahalyk's Water Fun Shoppe specializes in jet skis. Mahalyk's inventory records showed the following for the past year.

Purchase Date Number of Jet Skis Cost Per Jet Ski
February 10 30 $4,000 May 12 80$3,000
June 15 20 $3,500 July 20 15$2,500

Use the FIFO method to determine Mahalyk's value of ending inventory at the end of July if they had 70.5 jet skis left in inventory.
A. $230,625 B.$210,000

C. $255,000 D.$212,500

I chose "C" is this correct? Thanks in advance!

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