Can you help me with this accounting homework?

Can you help me with this accounting homework. The data below are for MaryKay Enterprises:Beginning inventory 200 units at $2.00Purchaseâ? August 500 units at $1.50Purchaseâ?

October 200 units at $3.00 A periodic inventory system is used; ending inventory is 440 units. What is the ending inventory under FIFO?a. $760b.

&nb sp; $990c. $790d. $960Could you just give me the answer and explain how you got it?

Asked by shortie2888 40 months ago Similar questions: help accounting homework Computers > Software.

FIFO Inventory FIFO is an acronym for first-in first-out. What this means is that your first units of inventory are the ones that you distribute when a customer orders the product. So, you record and value each inventory transaction as it occurs.

You know your ending inventory is 440. You had BI of 200 and added inventory of 500 and 200 units. So, your total inventory was 900.

Subtract from this the EI of 440 and that means you had orders of 460 (900-460=440EI). With FIFO you draw down the first 200 of the 460 units from the beginning inventory. That leaves that ending inventory valuation at $0.

Then you take the next 260 units (460-200 from the first transaction) from the August inventory leaving that balance at 240 units (500-260) which are valued at $1.50 each or $360 in total. You still have all the 200 units at $3.00/unit for the inventory purchased in October which is valued at $600. Add those two together and you have an ending inventory valuation of $960.

Transactions Inventory FIFO Ending Unit Price Ending Value BB 200 -200 0 $ 2.00 $ - August 500 -260 240 $1.50 $ 360 October 200 200 $ 3.00 $ 600 Inventory used -460 Ending Inventory 440 $ 960 Remember, accounting is all transactions, so do each one and record it and build up to the answer, don't try to get the answer all at once, take it each step at a time. I hope this helps. Sources: Personal experience .

The ending inventory is $960. In FIFO, just work backwards from the latest purchases. You have left 440 units and so... The last purchase was 200 units at $3, $600.

The purchase before that one was 500 units at $1.50 but you only have 240 of those left. 240 * $1.50 = $360. $600 + $360 = $960..

1 don't have my calculator handy, but under First-In-First-Out, you still have all of the units you bought in October, and 240 of the units you bought in August to make up your 440 units. Add up the totals of those and you will find your answer.(and the help's given in honor of saying that you were requesting help with homework, rather than trying to hide that fact. ) .

Don't have my calculator handy, but under First-In-First-Out, you still have all of the units you bought in October, and 240 of the units you bought in August to make up your 440 units. Add up the totals of those and you will find your answer.(and the help's given in honor of saying that you were requesting help with homework, rather than trying to hide that fact. ).

2 Ja d is answer kiddo but you better show you Prof. HOW you got the answer lol.

Ja d is answer kiddo but you better show you Prof. HOW you got the answer lol.

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