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April 16, 2014

Homework Help: Business Analysis

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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