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Ayayai Corporation began operations on December 1, 2016. The only inventory transaction in 2016 was the purchase of inventory on December 10, 2016, at a
Ayayai Corporation began operations on December 1, 2016. The only inventory transaction in 2016 was the purchase of inventory on December 10, 2016, at a cost of $20 per unit. None of this inventory was sold in 2016. Relevant information for fiscal 2017 is as follows: Ending inventory units December 31, 2016 December 31, 2017, by purchase date 100 -Dec. 2, 2017 -July 20, 2017 100 30 130 During 2017, the following purchases and sales were made Purchases Sales Mar. 15 310 units at $24 Apr. 10 200 July 20 310 units at $26 Aug. 20 270 Sept. 4 210 units at $28 Nov. 18 160 Dec. 2 100 units at $30 Dec. 12 270 The company uses the periodic inventory method (a1) Determine ending inventory under specific identification Ending inventory $
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