The Following Data Are Available for the Month of April $\text {April 1 inventory }$

question 48

Essay

The following data are available for the month of April for Gore Company: $\text {April 1 inventory }$$\quad 120$ $\text {units at \( \$ 8.15 \) each}$
$\text {April 10 purchase}$ $\quad 200$ $\text {units at \( \$ 8.20 \) each}$
$\text {April 20 purchase}$ $\quad 410$$\text { units at \( \$ 8.40 \) each}$
$\text {April 25 purchase}$ $\quad 310$ $\text {units at \( \$ 8.50 \) each}$
Gore sold 630 units during April.
Compute the value of ending inventory under FIFO. Assume a periodic inventory system.

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Definitions:

Shareholders' Equity

The residual interest in the assets of an entity after deducting liabilities, essentially representing the owners' equity in a corporation.

Equity Method

An accounting technique used to record investments in subsidiary companies, where the investment's value is adjusted over time to reflect the investor's share of the subsidiary's profits or losses.

Consolidation

The process of combining the financial statements of several subsidiary companies into the statements of a single parent company, displaying the group's total financial status as a single entity.

Cost Method

An accounting method used to value an investment, where the investment is recorded at its cost and adjustments are only made when there are declines in value or realized returns.