A company values its inventory using the first in, first out (FIFO) method. At 1 May 20X2 the company had 700 engines in inventory, valued at $190 each.During the year ended 30 April 20X3 the following transactions took place:20X2July Purchased 500 engines at $220 each1 November Sold 400 engines for $160,00020X31 February Purchased 300 engines at $230 each15 April Sold 250 engines for $125,000 What is the value of the company's closing inventory of engines at 30 April 20X3?
A、$188,500
B、$195,500
C、$166,000
D、None of these figures
A、$188,500
B、$195,500
C、$166,000
D、None of these figures
【参考答案及解析】
50 @ $190 $9,500500 @ $220 $110,000300 @ $230 $69,000/188,500
50 @ $190 $9,500500 @ $220 $110,000300 @ $230 $69,000/188,500