A hardware merchant using the average cost method of valuing inventory has 350 hammers remaining in inventory. The merchant purchased hammers over a three-month period as follows: 120 purchased at 3.50 in April, 150 purchased at 3.62 in May, and 150 purchased at 3.72 in June. Compute the value of the ending inventory of hammers at average cost.
Q. 2An automobile repair facility recently purchased a 200-foot roll of flexible plastic tubing for 48.25 . Compute the cost in cents per foot. (Round to the nearest cent.)
Q. 3A small-appliance merchant using the LIFO method of valuing inventory has 60 toasters remaining in inventory. The merchant purchased toasters over a three-month period as follows: 30 purchased at 7.80 on April 1, 50 purchased at 7.70 on May 1, and 20 purchased at 7.80 on June 1 . Compute the value of the ending inventory of toasters at LIFO cost.
Q. 4In the winter, imported red bell peppers sell for 4.99 per pound. What is the total price of six red peppers which have a combined weight of 3.16 pounds? (Round to the nearest cent.)
Q. 5A small-appliance merchant using the FIFO method of valuing inventory has 60 toasters remaining in inventory. The merchant purchased toasters over a three month-period as follows: 30 purchased at 7.80 on April 1, 50 purchased at 7.70 on May 1, and 20 purchased at 7.80 on June 1 . Compute the value of the ending inventory of toasters at FIFO cost.
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