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Question - The following data represent the inventory figures for 55-gallon fish tanks at Something's Fishy.
Something's Fishy 55-Gallon Fish Tanks Inventory
January 1
Beginning Inventory
43 units @ $35.60
March 12
Purchase
81 units @ $34.10
July 19
138 units @ $37.30
September 2
71 units @ $39.35
a. How many fish tanks did Something's Fishy have available for sale?
b. Calculate the total cost of the tanks available for sale. Round your answer to the nearest cent.
c. If physical inventory on December 31 showed 88 tanks on hand, calculate their dollar value by using FIFO. Round your answer to the nearest cent.
d. Calculate the value of the 88 tanks by using LIFO. Round your answer to the nearest cent.
e. Calculate the dollar value of the 88 tanks by using the average cost method. Round your answer and the average cost per unit to the nearest cent.
Does a manufacturing company and a retail company have different accounting cycles? Why?
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