Toddlers' Toyland, Which Uses the FIFO Method of Valuing Inventory

question 47

Short Answer

Toddlers' Toyland, which uses the FIFO method of valuing inventory, has 75 brown bears remaining in inventory. Toddlers' purchased brown bears over a three-month period as follows: 72 purchased at $3.50 on October 7, 84 purchased at $3.65 on November 7, and 60 purchased at $3.80 on December 7. Compute the value of the ending inventory of bears at FIFO cost.​

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Definitions:

Digestive System

The complex series of organs and glands responsible for the digestion and absorption of nutrients, as well as the elimination of waste products.

Bolus

A tiny ball-shaped lump of material, particularly of food chewed right before it's swallowed.

Esophagus

The muscular tube that connects the throat (pharynx) with the stomach, conveying food and liquids.

Digestive System

An assembly of organs that collaborate to transform food into energy and essential nutrients to nourish the whole body.