1. Calculate the cost of ending inventory using FIFO inventory cost method.

1/1 Beginning inventory 10 units @ $10 per unit

2/28 Purchases 40 units @ $12 per unit

5/10 Purchases 50 units @ $14 per unit

9/20 Purchases 30 units @ $16 per unit

12/31 Ending inventory 50 units

a. $580

b. $500

c. $800

d. $760