Narrative 16-1
Use the Information Below for the Following Problems

question 54

Short Answer

Narrative 16-1
Use the information below for the following problems:
The following is the inventory for the year for Better Products, Inc.:
$$\begin{array} { l l l l } \text { Date } & \text { Units } & \text { Cost per unit } & \text { Total Cost } \\\hline \text { Beginning inventory, Jan. 1 } & 50 & \$ 85.26 & 4,263 \\\text { Purchase, April 15 } & 200 & 92.50 & 18,500 \\\text { Purchase, September 20 } & 140 & 91.50 & 12,810 \\\text { Purchase, December 15 } & 30 & 98.60 & 2,958 \\\hline \text { Total Units Available } & 420 & & \$ 38,531\end{array}$$
-Refer to Narrative in your text 16-1 . When the manager of Better Products took physical inventory of his merchandise on December 31, it was found that 95 units were on hand. What is the dollar value of the ending inventory using FIFO?

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Definitions:

Arthropods

A large group of invertebrate animals characterized by exoskeletons, segmented bodies, and jointed legs, including insects, arachnids, and crustaceans.

Chemicals

Substances with distinct molecular compositions used in or produced by chemical processes.

Mouths

Openings in organisms through which food intake occurs; also play key roles in communication and respiration in some species.

Legs

Limbs or appendages of an animal used for support and movement, typically found in pairs.