Question

Date Transaction Number of Units Unit Cost Apr. 1 Beginning inventory 460 $ 2.42 Apr. 20...

Date Transaction Number
of Units		 Unit
Cost
Apr. 1 Beginning inventory 460 $ 2.42
Apr. 20 Purchase 350 2.66


Dunbar sold 620 units of inventory during the month. Ending inventory assuming FIFO would be: (Do not round your intermediate calculations. Round your answer to the nearest dollar amount.)

Business   Accounting   
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Answer #1

Answer:

Under FIFO method the company sells the goods which are produced/ procured earlier.

Here, Number of goods sold by Dunbar are 620 units. These 620 units are sold in the order that, 460 units( begging inventory) and the rest 160 units( 620 units - 460 units) from the purchases made on 20 April.

The units that were left closing are the goods which are purchased on 20 April.

Therefore closing inventory = 350 units - 160 units

= 190 units

Value of closing inventory = 190 units * $2.66= 505.4

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