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ACCA F3 Inventory

An inventory record card shows the following details.

Date	unit	Price
Feb 1 In stock	360	200
Feb 7 purchased	80	240
Feb 14 sold	280
Feb 21 purchased	320	264
Feb 28 sold	80

What is the value of inventory at 28 February using the FIFO method?

Suggested solutions:

Total No of units purchased: 360 + 80 +320 = 760

Total No of units sold:280 + 80 =360

Balance No of units:400

Feb 21 purchased	320	264	84,480
Feb 7 purchased	80	240	19,200
Feb 1 in stock	0	200	0
Answer	400		103,680

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