Below is the Annual inventory activity for your Cardiac Clinics stock of pacemaker implants. Unit Cost Total

Below is the Annual inventory activity for your Cardiac Clinic’s stock of pacemaker implants.

 

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Unit Cost Total Cost Description Beginning Inventory March Purchase June Purchase October Purchase Units 10 18 4,000 4,400 5,000 6,000 40,000 49,200 40,000 72,000 12 Total Pacemaker stock 48 Inventory used throughout the year: 28 Pacemakers in stock on December 31 20 a) What is the cost of the Pacemakers in stock at the end of December using: FIFO IFO Weighted Average Cost Unit Cost Total Cost Description Beginning Inventory March Purchase June Purchase October Purchase Units 10 18 4,000 4,400 5,000 6,000 40,000 49,200 40,000 72,000 12 Total Pacemaker stock 48 Inventory used throughout the year: 28 Pacemakers in stock on December 31 20 a) What is the cost of the Pacemakers in stock at the end of December using: FIFO IFO Weighted Average Cost

Answer rating: 100% (QA)

Answer 1 FIFO Method First in first out FIFO is a method of valuation of inventories in which the oldest inventory in stock is sold or used first befo... View the full answer