Sep 19, 2017

A COMPANY VALUES ITS INVENTORY USING THE FIFO METHOD. AT 1 MAY 20X5 THE COMPANY HAD 700 ENGINES…

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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:20X51 July Purchased 500 engines at $220 each1 November Sold 400 engines for $160,00020X61 February Purchased 300 engines at $230 each15 April Sold 250 engines for $125,000What is the value of the company’s closing inventory of engines at 30 April 20X6?A $188,500B $195,500C $166,000D $106,00034 Amy is a sole trader and had assets of $569,400 and liabilities of $412,840 on 1 January 20X8.


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