Details of this Paper

ABC Company_FIFO_Inventory Valuation

Description

solution


Question

Question;ABC Company employs a periodic inventory system and sells its inventory to customers for $25 perunit. ABC Company had the following inventory information available for the month of May:May 1 Beginning inventory 2,000 units @ $10 cost per unitMay 8 Sold 1,200 unitsMay 13 Purchased 1,000 units @ $12 cost per unitMay 18 Sold 1,000 unitsMay 21 Purchased 1,000 units @ $15 cost per unitMay 28 Sold 700 unitsMay 30 Purchased 1,000 units @ $19 cost per unitDuring May, ABC Company reported operating expenses of $5,000 and had an income tax rate of 30%.Calculate the dollar amount of ending inventory shown on ABC Company's May 31 balance sheet usingthe FIFO method. Do not use decimals in your answer.

 

Paper#41671 | Written in 18-Jul-2015

Price : $22
SiteLock