Calculate december 31,2023 inventory using the FIFO formula

Concord Limited stocks a variety of sports equipment for sale to institutions. The following stock record card for basketballs was taken from the records at the December 31,2023 year end: A physical inventory on December 31, 2023, reveals that 100 basketballs are in stock. The bookkeeper informs you that all the discounts were taken. Assume that Concord uses a periodic inventory system and records purchases at their invoice price less discounts. During 2023 , the average sales price per basketball was $22.25