The following information relates to inventory for Shoeless Joe Inc.

Date Quantity Price
March 1 Beginning Inventory 20 $ 2
March 7 Purchase 15 3
March 11 Sale 25 7
March 12 Purchase 20 4

At what amount would Shoeless report ending inventory using FIFO cost flow assumptions?

Under FIFO the ending inventory will be $110

Explanation:

The FIFO or the first in first out method of inventory valuation assumes that the units that are purchased or bought in first are the ones to be sold first and the ending inventory will include inventory purchased recently.

The sale made on March 11 will include:

20 units at $2 from March 1 = $40

5 units at $3 from March 7 = $15

Thus the ending inventory will be formed by:

(15-5) units at $3 from March 7 = $30

20 units at $4 from March 12 = $80

Total value of ending inventory = 30+80 = $110

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answer; property tax payment made in july and december;