Jacobs Company has inventory of 15 units at a cost of $12 each on June 1. On June 5, Jacobs purchased 10 units at $13 per unit. On June 12, it purchased 20 units at $14 per unit. On June 17, it sold 30 units. Using FIFO, what is the value of the inventory at June 17 after the sale

The value of the inventory on hand is $210

Explanation:

Inventory on hand / purchased;

June 1 - 15 units at $12

June 5 - 10 units at $13

June 12 - 20 units at $14

total units on hand = 45 units

Sale - 30 units sold

units left on hand 15.

Since there are only 15 units left on hand, and the $12 and $13 inventory units have all been sold since they were in first before the inventory purchased on June 12 the value of the inventory on hand is 15 x $14 = $210.

$210

Explanation:

Given that

15 units cost $12 each = $180

10 units costs $13 each = $130

5 units cost $14 each = $70

Thus using FIFO which is first in, first out

Value of inventory sold = 180 + 130 + 70

= $380.

15 units are left costing $14 each

Therefore,

Value of inventory after sale

= 15 × 14

= $210

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