Question: 6.4 Jennings Co values its inventory using the first in, first out (FIFO) method. At 1 May 20X2 Jennings Co had 700 engines in inventory,

6.4 Jennings Co values its inventory using the first in, first

6.4 Jennings Co values its inventory using the first in, first out (FIFO) method. At 1 May 20X2 Jennings Co had 700 engines in inventory, valued at $190 each. During the year ended 30 April 20x3 the following transactions took place: 20X2 1 July Purchased 500 engines at $220 each 1 November Sold 400 engines for $160,000 20x3 1 February Purchased 300 engines at $230 each 15 April Sold 250 engines for $125,000 What is the value of Jenning Co's closing inventory of engines at 30 April 20X3? $188,500 B $195,500 $166,000 D None of these figures (2 marks)

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