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What is the value of the company’s closing inventory of engines at 30 April 20X6?

 Inventry Method is FIFO

Opeing Engine Stocks700 @$190 each

 

20X5

1 July Purchased500 engines at $220 each

1 November Sold400 engines for $160,000

20X6

1 February Purchased300 engines at $230 each

15 April Sold250 engines for $125,000

Inventory Control
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Question added by Muhammad Sajjad , Chief Accountant , Hassan Kabbani Est. for Gen. Const. of Buildings (IKK Group of Companies)
Date Posted: 2015/03/12
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Muhammad Umer Farooq
by Muhammad Umer Farooq , Accountant , Taif Munazha Trad& count (Cowboy Steakhouse)

Closing stock value of engines is $188500

Notes:

700-400-250=50*190= $9500

500*220=$110000

300*230=$69000

Total Value=9500+110000+69000= $188500

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