On January 1, 2022 Bruce Lee started a small business buying and selling hand sanitizers. He invested $40,000 in the business and during the next six months, the following transactions occurred. Date of purchases Sanitizers purchased (units) Total cost $ Date of issues Sales (Units) Total value $ January 1 200 7,200 February 8 400 15,000 February 10 500 22,000 March 11 600 24,000 April 12 400 17,000 April 20 600 27,000 June 15 500 22,000 June 25 400 20,000 Required: Using the FIFO method, determine the value of stock on hand at February 28, 2022

Answer rating: 100% (QA)

To determine the value of stock on hand at February 28 2022 using the FIFO method we need to follow ... View the full answer