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Quiz 3
A
Cost Flow Assumption
3/22/2010

MusicBox Company uses the FIFO method
for the inventory reporting on its financial statements.
On December 30, 2000, the company sold 200 special
order music units at a price of $30 each. Using the
beginning inventory and purchase information of 2000,
what is the ending inventory balance and gross profit
for the fiscal year ended December 31, 2000?
2016/7/13
2
Date
Units
1/29/2000
32
2/24/2000
25
2/27/2000
40
3/30/2000
60
6/30/2000
75
9/20/2000
70
Unit price
$14
15
13
16
18
19
A)Ending Inventory=$______________
Calculation:
B)Gross profit=$______________
Calculation:
2016/7/13
3