Widget Tek’s original accountant accepted a position with another firm and left

Question

Widget Tek’s original accountant accepted a position with another firm and left in early March. You have been asked to review the subsidiary inventory ledger record for Widget Tek’s main product for March.

Inventory

Study the inventory record for March and answer the questions that follow.

Date

Inventory

Quantity Unit Cost Total Cost Mar. 1 850 $98.00 $83,300 1,275 $95.00 $121,125 Mar. 8 650 $98.00 $63,700 Mar. 11 325 $98.00 $31,850 Mar. 14 325 $98.00 $31,850 780 $103.00 $80,340 Mar. 22 260 $98.00 $25,480 Mar. 25 260 $98.00 $25,480 1,600 $99.00 $158,400

Explanation / Answer

a)

b)

c) FIFO method

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Units Purchased 6325 Units Sold 4465 Ending Units 1860

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