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Discuss the fifo method of inventory

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Reference no: EM131817795

A restaurant has a beginning inventory for the month of 150 pounds of beef at $2.70 per pound. In week 1 they use 125 pounds of beef and receive 175 pounds of beef into inventory at $2.80 per pound. In week 2 they use 190 pounds of beef and receive 150 pounds of beef at a cost of $2.80 per pound. In week 3 they use 140 pounds of beef and receive 125 pounds of beef at $2.75 per pound. In week 4 they use 110 pounds of beef and receive shipment of 125 pounds of beef at $2.85 per pound. What is the cost of the inventory at the end of week 3 using the FIFO method of inventory?

Reference no: EM131817795

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