Question

Blossom Company has the following inventory data:

Nov. 1 Inventory 35 units @ $7.10 each
8 Purchase 142 units @ $7.60 each
17 Purchase 71 units @ $7.45 each
25 Purchase 106 units @ $7.80 each

A physical count of merchandise inventory on November 30 reveals that there are 118 units on hand. Ending inventory (rounded) under FIFO is

Answer 1

Ending inventory= $916.2

Step-by-step explanation:

Giving the following information:

Nov. 1 Inventory: 35 units $7.10 each

Nov. 8 Purchase: 142 units $7.60 each

Nov. 17 Purchase: 71 units $7.45 each

Nov. 25 Purchase: 106 units $7.80 each

Nov. 30 ending inventory: 118 units on hand. FIFO (first-in, first-out)

Ending inventory= 106*7.8+12*7.45= $916.2