Answer + step-by-step explanation:
First, let's find the total cost of the items purchased:
100 packs of felt pens at $4.00 each = 100 x $4.00 = $400.00
60 packs of felt pens at $3.80 each = 60 x $3.80 = $228.00
The total cost of the items purchased is $400.00 + $228.00 = $628.00.
Next, let's find the total number of felt pens purchased:
100 packs x 3 felt pens per pack = 300 felt pens
60 packs x 3 felt pens per pack = 180 felt pens
The total number of felt pens purchased is 300 + 180 = 480 felt pens.
If 50 packs of felt pens were on hand at the end of the period, that means there were 50 x 3 = 150 felt pens left in inventory.
To find the ending inventory value, we need to multiply the number of felt pens left in inventory by the cost per felt pen:
$628.00 / 480 felt pens = $1.31 per felt pen
150 felt pens x $1.31 per felt pen = $196.50
Therefore, the ending inventory value of the 50 packs of felt pens left on hand is $196.50.