The inventory records for Radford Co. reflected the following Beginning inventory @ May 1 800 units @ $ 3.20 First purchase @ May 7 900 units @ $ 3.40 second purchase @ May 17 1,100 units @ $ 3.50 Third purchase @ May 23 700 units @ $ 3.60 Sales @ May 31 2,700 units @ $ 5.10 Determine the amount of ending inventory assuming the FIFO cost flow method.

$2,870

Explanation:

The computation of the ending inventory using FIFO cash flow method is shown below:

Closing inventory units

= Purchase units including opening inventory - sales units

where,

Purchase units = 800 units + 900 units + 1100 units + 700 units

                          = 3,500 units

And, the sales units is 2,700 units

So, the ending inventory units is 800 units

Now the ending inventory is

= Purchase units on May 23 × price on that date + Purchase units on May 17 × price on that date

= 700 units × $3.60 + 100 units × $3.50

= $2,520 + $350

= $2,870

1) the stages a new product goes through from beginning to end, i.e., the stages that a product passes through from introduction through growth, maturity, and decline. 2) the time from initial research and development to the time at which sales and support of the product to customers are withdrawn. 3) the period of time during which a product can be produced and marketed profitably.

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