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MMLU-Pro / 326 / Pinson's Wholesale Hardware Company is taking a year-end inventory of all…

Problem

Answer published by the source. Consult the official source to check your work against its answer.

question

Pinson's Wholesale Hardware Company is taking a year-end inventory of all merchandise on hand. Among the items to be counted are steel bolts. There are 44,000 of these bolts on hand by actual count on December 31. The purchase and inventory records reveal the following information: Quantity Cost per M January 1 (beginning inventory) 27,000 6.00March12purchase50,0006.00 March 12 purchase 50,000 6.50 September 11 purchase 35,000 7.00December3purchase40,0007.00 December 3 purchase 40,000 7.50 Find the value of the December 31 inventory by (a) the average cost method, (b) the FIFO method, and (c) the LIFO method.
Plain-text mathematical notation (without MathML)
Pinson's Wholesale Hardware Company is taking a year-end inventory of all merchandise on hand. Among the items to be counted are steel bolts. There are 44,000 of these bolts on hand by actual count on December 31. The purchase and inventory records reveal the following information: Quantity Cost per M January 1 (beginning inventory) 27,000 6.00March12purchase50,0006.50 September 11 purchase 35,000 7.00December3purchase40,0007.50 Find the value of the December 31 inventory by (a) the average cost method, (b) the FIFO method, and (c) the LIFO method.
Original LaTeX notation
Pinson's Wholesale Hardware Company is taking a year-end inventory of all merchandise on hand. Among the items to be counted are steel bolts. There are 44,000 of these bolts on hand by actual count on December 31. The purchase and inventory records reveal the following information: Quantity Cost per M January 1 (beginning inventory) 27,000 $6.00 March 12 purchase 50,000 $6.50 September 11 purchase 35,000 $7.00 December 3 purchase 40,000 $7.50 Find the value of the December 31 inventory by (a) the average cost method, (b) the FIFO method, and (c) the LIFO method.

category

business

options

  1. Average cost: $310.00, FIFO: $360, LIFO: $260.00
  2. Average cost: $275.50, FIFO: $305, LIFO: $245.00
  3. Average cost: $320.00, FIFO: $370, LIFO: $270.00
  4. Average cost: $285.00, FIFO: $335, LIFO: $235.00
  5. Average cost: $350.00, FIFO: $400, LIFO: $300.00
  6. Average cost: $305.00, FIFO: $355, LIFO: $255.00
  7. Average cost: $298.76, FIFO: $328, LIFO: $272.50
  8. Average cost: $400.00, FIFO: $450, LIFO: $350.00
  9. Average cost: $250.00, FIFO: $300, LIFO: $200.00
  10. Average cost: $290.00, FIFO: $340, LIFO: $240.00

src

stemez-Business

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Source and history

upstream_id / Original problem ID
326
task_id
d561b41e-ddc8-5ce7-8f57-256682bc9b70
task_key
default--test--326
task_revision_id
1
config / split
default / test

Official source

initial import