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Metlock, Inc. just began business and made the following four inventory purchases in June: June 1 135 units $940 June 10 180 units 1400 June 15 180 units 1510 June 28 135 units 1190 $5040 A physical count of merchandise inventory on June 30 reveals that there are 190 units on hand. Using the FIFO inventory method, the amount allocated to ending inventory for June is

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Answer:

Ending inventory= $1,651.45

Explanation:

Giving the following information:

June 1: 135 units $940

June 10: 180 units $1400

June 15: 180 units $1510 ($8.39)

June 28: 135 units $1190 ($8.81)

A physical count of merchandise inventory on June 30 reveals that there are 190 units on hand.

To calculate the ending inventory under the FIFO (first-in, first-out) method, we need to use the cost of the las units incorporated into inventory.

Ending inventory= 1,190 + 55*8.39= $1,651.45

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