What is the cost of the company closing inventory

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Reference no: EM132828390

Question - A company selling engines uses the FIFO method to arrive at the cost of its inventory. On 1 January 20X1 the company had 700 engines in inventory, valued at $190 each. During the year ended 31 December 20X1 the following transactions took place:

1 March Purchased 500 engines at $220 each

1 July Sold 400 engines for $160,000

1 September Purchased 300 engines at $230 each

1 November Sold 250 engines for $125,000

If no engine was lost, obsolete, or damaged, what is the cost of the company's closing inventory as at 31 December 20X1?

Reference no: EM132828390

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