Assume that we use a perpetual inventory system and that five identical units are purchased at the following four dates and costs: april 5 $10april 10 $12april 15 $14april 20 $16april 22 $17one unit is sold on april 25. the company uses the first-in, first-out (fifo) inventory costing method. identify the cost of the ending inventory on the balance sheet. cost of the ending inventory:

Cost of the ending inventory 335

Explanation:

FIFO    Units Cost SellCost Un. Ending Inventory  

April 5510150440

April 10512  60560

April 15514  70570

April 20516  80580

April 22517  85585

            335

Cost of Ending Inventory is $ 67.

Explanation:

FIFO stands for First in First out. It is type of inventory valuation method which assumes that the inventory/stock which is purchased earlier must be issued to production. Thus, the closing inventory in case of FIFO method are composed of recently items purchased.

Cost of Ending inventory

Date        Units Purchased             Per Unit Cost              Total Cost                      

April-05          5                                          2                                 10

April-10           5                                        2.4                                12

April-15            5                                       2.8                                14

April-20            5                                       3.2                                16

April-22            5                                       3.4                                 17          

Closing Inventory on April-22                                                        69        

One Unit is sold on April-25;

April-25           (1)                                        (2)                                 (2)

Closing inventory after sales of one unit;

Date        Units in Hand                 Per Unit Cost              Total Cost                      

April-05          4                                          2                                 8

April-10           5                                        2.4                                12

April-15            5                                       2.8                                14

April-20            5                                       3.2                                16

April-22            5                                       3.4                                 17          

Closing Inventory on April-25                                                        67                                                            

the u.s. census bureau produces data on the population and economy nationwide. it can you to analyze the kind of people living in your neighborhood. it does not show you the market of people willing to buy your product or an existing market for your product. that will require more market research. the census bureau only gives you an insight to the demographics in your area.