10.4 Product information for item #204 is as follows: Jan. Inventory 50 units @ $10 = $ 500 Apr….

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10.4       Product information for item #204 is as follows:

 

Jan.

Inventory

50 units @ $10 = $

500

Apr. 24

Purchase

30 units @      8 =

240

July  IO

Purchase

40 units @       7 =

280

Nov. 15

Purchase

35 units @       8 = –

280

Units available                 155  Total cost      $1,300

  By a physical count, it is estimated that 95 units are lef t in the ending inventory. (a) W hat is the value of the ending inventory  under FIFO valuation?  (b) Determine the cost of goods    sold.

 

 

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