Reference no: EM132617436
Joe is interested in an inventory costing system which results in his first-month profits being as high as possible. He sells only one product, 1970 Mercedes 250 model cars for $40 apiece. On September 1st, Joe bought 10 units for $25 each. After 3 sold on September 3rd, he ordered 20 additional units for $23 each on September 4th. On September 7th, Joe sold eight units, followed by a sale of seven units on September 10th.
Joe decided to enter into a purchase agreement where he would buy fifteen units every Monday for $22 apiece. He did so on September 12th, 19th, and 26th. His remaining sales for the month were as follows:
September 13th: 4 units sold
September 18th: 7 units sold
September 22nd: 9 units sold
September 25th: 11 units sold
September 28th: 6 units sold
Problem 1: Which inventory costing method results in higher income for Joe? Showing your work, use this method to calculate his profit as well as ending inventory value.
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