Cost of the ending inventory
Not what you're looking for?
The Foley Company is a multi-product firm. Presented below is information concerning one of their products.
Date Transaction Quantity Cost
1-Jan Beginning Inventory 1,000 $12
4-Feb Purchase 2,000 $13
20-Feb Sale 1,000
2-Apr Purchase 4,000 $15
4-Nov Sale 4,000
Compute the cost of the ending inventory, assuming Foley uses a.) Periodic -FIFO b.) Perpetual-LIFO
Purchase this Solution
Solution Summary
The solution explains how to calculate the cost of the ending inventory using Periodic -FIFO and Perpetual-LIFO. The cost of the ending inventory are provided.
Solution Preview
Total units are 1,000+2,000+4,000=7,000. Sold are 1,000+4,000=5,000. Ending inventory is 2,000 units
a) Periodic - FIFO: In FIFO we assume that the earliest units are sold first ...
Purchase this Solution
Free BrainMass Quizzes
Operations Management
This quiz tests a student's knowledge about Operations Management
Income Streams
In our ever changing world, developing secondary income streams is becoming more important. This quiz provides a brief overview of income sources.
IPOs
This Quiz is compiled of questions that pertain to IPOs (Initial Public Offerings)
Employee Orientation
Test your knowledge of employee orientation with this fun and informative quiz. This quiz is meant for beginner and advanced students as well as professionals already working in the HR field.
Lean your Process
This quiz will help you understand the basic concepts of Lean.