Determine the ending balance of the inventory account (i.e. FIFO ending inventory).

Prepare the adjusting entry to record cost of goods sold (under FIFO) for 2018 and adjust the inventory account to its year-end balance.

Inventory Information Purchases Purchase Returns Units Sold Selling Product Units Cost/Unit Iotal Cost Units Cost/Unit Total Units Cost/Unit 45,000 50,000 Handy Widget 5500 10 55,000 9 405,000 2000 918,000 90,780 20 350,000 Heavy Duty Widget 5325 20 106,500 29,450 20,000 20 589,000 21 420,000 1500 20 30,000 50,140 35 International Widget 2100 063,000 10,000 28,000 30 300,000 31,410 2 896,000 700 32 22,400 12,925 224,500 FO)-1/1/18 Units Cost/Unit Iotal Cost 182,450 2,960,000 4,200 70,400 Beginning Inve Product: 1500 1000 3000 5500 Handy Widget 8 12,000 9,000 10 30,000 Heavy Duty Widget 1500 1200 2000 16 24,000 17 20,400 19 38,000 20 12,500 27,000 14,000 18,000 International Widget 500 600 2100 27 28 30 204,900