Less: Sold 60
Ending Inventory Answer the following based on the chart above:
1. How many units are available for sale _____
2. What is the total dollar value of the units available for sale ____
3. How many units are in ending inventory __________________
4. How many units were sold 5. Which of the following products would most likely use a FIFO inventory system
a. Nails at a hardware store (nonperishable items)
b. Produce at a grocery store (perishable items)
Fifo- method to assign cost to inventory that assumes items are sold in the order acquired.
c. Commercial airplanes (large dollar items)
d. Pens and pencils (small dollar items)
6. Using FIFO what is the total dollar value of the units sold (COGS) ________
7. Using FIFO what is the total dollar value of the ending inventory ______________
8. If you were using the weighted average method what would the unit cost be (4 decimal places)_________________
9. Using LIFO what is the total dollar value of the units sold (COGS) ___ profit per unit.______
10. Using LIFO what is the total dollar value of the ending inventory ______________Bonus +10
11. Using Weighted average what is the total dollar value of the units sold (COGS) ___
12. Using weighted average what is the total dollar value of the ending inventory ______________