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Assume that Toy-Cars Inc. uses a periodic specific identification inventory system. Its ending inventory consists of 2 cars from beginning inventory, 4 cars from the Jan. 5 purchase, and 10 cars from the Jan. 30 purchase. Calculate the dollar value of its ending inventory, based on the information provided below.  DateActivity Jan 1Beginning Inventory10 cars @ $12Jan 5Purchase10 cars@ $15Jan 30Purchase10 cars@ $18Multiple choice question.$160$264$450$186

Question

Assume that Toy-Cars Inc. uses a periodic specific identification inventory system. Its ending inventory consists of 2 cars from beginning inventory, 4 cars from the Jan. 5 purchase, and 10 cars from the Jan. 30 purchase. Calculate the dollar value of its ending inventory, based on the information provided below.  DateActivity Jan 1Beginning Inventory10 cars @ 12Jan5Purchase10cars@12Jan 5Purchase10 cars@ 15Jan 30Purchase10 cars@ 18Multiplechoicequestion.18Multiple choice question.160264264450$186

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Solution

To calculate the dollar value of the ending inventory, we need to multiply the number of cars from each purchase by their respective prices and then add them together.

From the beginning inventory, we have 2 cars at 12each,whichequals12 each, which equals 24.

From the Jan. 5 purchase, we have 4 cars at 15each,whichequals15 each, which equals 60.

From the Jan. 30 purchase, we have 10 cars at 18each,whichequals18 each, which equals 180.

Adding these together, we get 24+24 + 60 + 180=180 = 264.

So, the dollar value of the ending inventory is $264.

This problem has been solved

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