Calculate the dollar value of the oil filters by using FIFO

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Question - The table below gives inventory figures for oil filters at Advance Auto Parts.

Date

Units Purchased

Cost per Unit

Beginning Inventory, January 1

162

$1.45

Purchase, March 14

212

1.62

Purchase, May 25

192

1.57

Purchase, August 19

302

1.75

Purchase, October 24

252

1.69

When the merchandise manager of Advance Auto Parts took physical inventory of the oil filters on December 31, it was found that 554 remained in inventory.

a. Calculate the dollar value of the 554 oil filters by using FIFO. Round your answer to the nearest cent.

b. Calculate the dollar value of the 554 oil filters by using LIFO. Round your answer to the nearest cent.

c. Calculate the dollar value of the 554 filters by using the average cost method. Round your answer and the average cost per unit to the nearest cent.

Reference no: EM132545734

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