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ACCA F3 Inventory

An inventory record card shows the following details.

Date	unit	Price
Feb 1 In stock	120	360
Feb 7 purchased	360	432
Feb 14 sold	160
Feb 21 purchased	280	475
Feb 28 sold	240

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

Suggested solutions:

Total No of units purchased: 120 + 360 +280 = 760

Total No of units sold:160 + 240 =400

Balance No of units:360

Feb 21 purchased	280	475	133,000
Feb 7 purchased	80	432	34,560
Feb 1 in stock	0	360	0
Answer	360		167,560

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