Inventory problem/questions
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Need help with this problem about inventory:
Quantity Cost per pound Total Costs
1/1 Purchased 1,200lbs $2.20 $2,640
1/7 Purchased 2,200lbs $2.25 $4,950
1/14 Purchased 2,800lbs $2.28 $6,384
1/22 Purchased 1,500lbs $2.30 $3,450
1/29 Purchased 3,000lbs $2.32 $6,960
Total goods available
for use 10,700lbs $24,384
The inventory at Jan. 31st was 3,500lbs. I need help computing the cost of the inventory on Jan. 31 and the cost of raw materials issued to production for Jan. under each of the of the following cost flow assumptions:
a) FIFO
b) Weighted Average
c)LIFO
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Solution Summary
The expert examines inventory problems for quantity and cost per pounds.
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