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1.
Kelly’s Couture made the following purchases of sweaters during the year:

Beginning Inventory........25 at $35 each
March.............................20 at $42 each
June...............................30 at $38 each
September......................15 at $45 each

An inventory shows that 24 sweaters remain.
Find the value of the inventory using the FIFO method.

Respuesta :

Blitztiger
According to the FIFO method, the earliest sweaters are the ones that are sold off first, so if we have 24 remaining, 15 were bought in September (at $45 each) and the last 9 were from June (at $38 each). Then we calculate the total value by:
15($45) + 9($38) = $1,017
The value of the inventory is $1,017.

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