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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
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
