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The inventory data for an item for Nov. are: Nov. 1 Inventory 20 units at $20 4 Sold 10 units 10 Purchased 30 units at $24 17 Sold 20 units 30 Purchased 10 units at $22 Using the perpetual system, costing by the first-in, first-out method (FIFO), what is the cost of the merchandise inventory of 30 units on Nov 30?

Respuesta :

Answer:

The cost of the merchandise inventory of 30 units on Nov 30 = $700

Step-by-step explanation:

given,                  

Nov. 1 Inventory 20 units at $20

       4 Sold         10 units

      10 Purchased 30 units at $24

      17 Sold         20 units

      30 Purchased 10 units at $22

Units sold on 4th is out of Nov 1 inventory = (10 x 20)

                                                                      = $200  

30 units on November 30th cost is =

                                  = 20 x $24  +  10 x $22

                                  = $700

The cost of the merchandise inventory of 30 units on Nov 30 = $700

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