A sneaker outlet has made the following wholesale purchases of new running shoes: 12 pairs at $44.50, 25 pairs at $39.50, and 20 pairs at $49.50. An inventory taken last week indicates that 27 pairs are still in stock. Calculate the cost of this inventory by FIFO.

Answer rating: 100% (QA)

Heres how to calculate the cost of the inventory using the FIFO FirstIn FirstOut method ... View the full answer