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What is the inventory ending balance at the end of December

    Assignment Instructions

    Assignment ID: FG133135177

    Question – A restaurant supply company purchased special cake pans for the Christmas season and uses the perpetual inventory system. Calculate the ending inventory balance for the month of May.

    On November 30, there were 12 cake pans in the warehouse that cost $13.25. Record the monthly transactions and calculate the ending inventory balance using the FIFO method.

    The company bought 100 cake pans at a cost of $13.90 on December 1 to increase inventory.

    Then sold 24 cake pans to the local college on December 3 for $19.75.

    On December 5- 37 cake pans were sold to The local deli for $21.25.

    An addition 25 cake pans were purchased by the Supply Company on December 15 for $14.75.

    The Men’s Mission purchased 60 cake pans on December 22 for $20.45.

    Calculate your answers using an inventory chart to answer the following questions:

    1. How much revenue was earned during the month of from the sale of Cake Pans?

    2. How many Cake Pans are left in inventory at the end of the month?

    3. What is the inventory ending balance at the end of December?

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