Question: A company values its inventory using the FIFO method. At 1 May 20X5 the company had 700 engines in inventory, valued at $190 each. During

A company values its inventory using the FIFO method. At 1 May 20X5 the company had 700 engines in inventory, valued at $190 each. During the year ended 30 April 20X6 the following transactions took place: 20X5 1 July 1 November 20X6 1 February 15 April Purchased 500 engines at $220 each Sold 400 engines for $160,000 Purchased 300 engines at $230 each Sold 250 engines for $125,000 What is the value of the companys closing inventory of engines at 30 April 20X6? A $188,500 B $195,500 C $166,000 D $106,000

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock blur-text-image

Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock

Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!

Assap tutors guide me on this question 33 A company values its inventory using the FIFO method. At 1 May 20X5 the company had 700 engines in inventory, valued at $190 each. During the year ended 30...

please guide on this question 33 A company values its inventory using the FIFO method. At 1 May 20X5 the company had 700 engines in inventory, valued at $190 each. During the year ended 30 April 20X6...

Please guide me on this question 33 A company values its inventory using the FIFO method. At 1 May 20X5 the company had 700 engines in inventory, valued at $190 each. During the year ended 30 April...

QUESTION 2 a) A company values its inventory using the FIFO method. At 1 May 20X5 the company had 700 engines in inventory, valued at R190 each. During the year ended 30 April 20X6 the following...

QUESTION 2 a) A company values its inventory using the FIFO method. At 1 May 20x5 the company had 700 engines in inventory, valued at R190 each. During the year ended 30 April 20X6 the following...

33. A company values its inventory using the FIFO method. At 1 May 20X5 the company had 700 engines in inventory, valued at $190 each. During the year ended 30 April 20X6 the following transactions...

QUESTION ONE 1. Which of the following statement is incorrect? Assets(K) Liabilities(K) Capital(K) a) 7,850 1,250 6,600 b) 8,200 2,800 5,400 c) 9,550 1,150 8,200 d) 6,540 1,120 5,420 2. Which of the...

Use the following data to answer questions 1- 4 below: Amben Ltd. values its inventory using the AVCO method. At 1 May 2019 the company had 700 engines in inventory, valued at $190 each. During the...

Amben Ltd. values its inventory using the AVCO method. At 1 May 2019 the company had 700 engines in inventory, valued at $190 each. During the year ended 30th April 2020 the following transactions...

A 31-year-old man died suddenly after a week-long illness. He experienced chest pain, became increasingly dyspneic and nauseated, and lost consciousness multiple times. On the day of his death, he...

6. Compare and contrast the Review vs Audit.

Take an edition of a journal in the culture/events sector, such as one of those listed on page 19, and ascertain, for each article: why the research was conducted; how it was funded; and who or what...

International companies must identify their strengths and weaknesses to successfully in global markets.

Compare the Building Society job statement with a conventional job description. In what ways does it differ and how valuable might it prove for the employee?

How would you best sell the human resources function to the rest of the organisation?

Read the section on technology and draw up a list of advantages and disadvantages of using social media in the recruitment process.