Solution-Evaluate the merchandise inventory by the fifo

Evaluate the merchandise inventory by the fifo method

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Reference no: EM132761337

Problem 1: From the information provided, it is requested to evaluate the merchandise inventory by the FIFO method, record the transactions in the Journal, calculate the cost of the materials used and the final inventory.

1/1 Inventory of materials .................. 500 units at $ 16.00

3/1 Purchase of materials ..................... 1,000 units at $ 18.00

5/1 Use of materials ........................... 850 units.

10/1 Purchase of merchandise ..................... 500 units at $ 20.

15/1 Use of materials .......................... 850 units.

Reference no: EM132761337

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Evaluate the merchandise inventory by the fifo method

Reference no: EM132761337

Reference no: EM132761337

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