Question: The following data represent the inventory figures for 55 -gallon fish tanks at an aquarium. 55-Gallon Fish Tanks Inventory (a) How many fish tanks did

The following data represent the inventory figures for 55 -gallon fish

The following data represent the inventory figures for 55 -gallon fish tanks at an aquarium. 55-Gallon Fish Tanks Inventory (a) How many fish tanks did the aquarium have available for sale? fish tanks (b) Calculate the total cost (in \$) of the tanks available for sale. $ (c) If physical inventory on December 31 showed 88 tanks on hand, calculate their dollar value by using FIFO. $ (d) Calculate the value of the 88 tanks by using LIFO (in \$). $ (e) Calculate the dollar value of the 88 tanks by using the average cost method (Round your answer to the nearest cent). $

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!

An 18-year-old man (B.H.) has been training for a marathon for the last 4 months. He is noticing his stamina decreasing during his runs over the last couple months.This concern is the reason he...

Is this correct? The following data represent the inventory figures for 55 -gallon fish tanks at an aquarium. 55-Gallon Fish Tanks Inventory (a) How many fish tanks did the aquarium have available...

please help me with this question The following data represent the inventory figures for 55 -gallon fish tanks at an aquarium. 55-Gallon Fish Tanks Inventory (a) How many fish tanks did the aquarium...

The following data represent the inventory figures for 55 -gallon fish tanks at an aquarium. 55-Gallon Fish Tanks Inventory (a) How many fish tanks did the aquarium have available for sale? fish...

11. Determine the value of the following inventory for the Rainbow Gardens Emporium by using the lower-of-cost-or-market rule. lotal value of Inventory 8. The following data represent the inventory...

The following data represent the inventory figures for 55 - gallon fish tasks at an aquarium. 55 Gallon Fish Tanks Inventory (a) How many fish tanks did the oquarium have available for sale? fish...

The following data represent the inventory figures for 55 gallon fish tanks at an aquarium. 35-Gallon Fish ranks Inventory. (a) How many fish tanks did the squarium hove avaliable for sole? fish...

The following data represent the inventory figures for 55-gallon fish tanks at an aquarium. 55-Gallon Fish Tanks Inventory January 1 March 12 July 19 September 2 Fish Tanks Available for Sale: (a)...

The following data represent the inventory figures for 55-gallon fish tanks at an aquarium. 55-Gallon Fish Tanks Inventory Amount January 1 March 12 July 19 September 2 Fish Tanks Available for Sale:...

The following data represent the inventory figures for 55-gallon fish tanks at an aquarium. 55-Gallon Fish Tanks Inventory Amount January 1 Beginning Inventory 48 units @ $38.00 March 12 Purchase 70...

Please answer these 11 Points] BRECMBC9 17.II.004.MI.SA. question has several parts that must be completed sequentially. If you skip a part of the question, you will not receive any points for the...

Propose a curved-arrow mechanism for the reaction given in Fig. P16.64. Fig. P16.64 (CH)C

Find the inverse of the given one-to-one function f. Give the domain and the range of f and of f-1, and then graph both f and f-1 on the same set of axes. a. f(x) = 5x - 3 b. f(x) = 2 - x c. f(x) =...

Managerial accounting is designed to assist managers with which of the following activities? Evaluating, formulating, and leading Planning, allocating, and operating Leading, controlling, and...

7.40 A digital control circuit has three inputs: Start, Stop and Clock, as well as an output signal Run. The Start and Stop signals are of indeterminate duration and may span many clock cycles. When...