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Calculate the dollar value of the tanks

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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

Purchase

138 units @ $37.30

September 2

Purchase

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.

Reference no: EM132545736

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