A company's inventory records indicate the following data for the month of April:

April 1	Beginning	350 units at $18 each
April 5	Purchase	290 units at $20 each
April 9	Sale	500 units at $55 each
April 14	Purchase	250 units at $22 each
April 20	Sale	200 units at $55 each
April 30	Purchase	240 units at $25 each

If the company uses the first-in, first-out (FIFO) method and the perpetual inventory system, what would be the cost of the ending inventory?

Answer:

	Purchases			Sales			Balance
	Units	Unit cost	Total	Units	Unit cost	Total	Units	Unit cost	Total
4/1
4/5
4/9
4/14
4/20
4/30