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A medical lab uses medical substances for its tests. It started the year on January...

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Question

Accounting

A medical lab uses medical substances for its tests. It started the year on January 1, with an inventory of
3,000 doses of that medical substance that cost $20 per dose. On January 3 it purchased another 1,000
doses for $24 each. From January 3 through June 30 it used 2,600 doses. On July 1 it bought 700 more
doses at $29 each. From July 2 through the end of the year it used 1,500 doses.
Questions:
1. What is the inventory value at the end of the year, assuming LIFO?
2. What is the inventory value at the end of the year, assuming FIFO?

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