Kennedy Electric is a wholesaler for commercial builders. The company uses a perpetual inventory system and a FIFO? cost-flow assumption. The data concerning a particular product for the year 20X8? follows:

Requirement 1. Calculate the ending inventory balance in units and dollars.

Start by completing the table below to calculate the ending inventory balance in units.

?Now, complete the table below to determine the dollar value in ending inventory using FIFO? (First-in, First-out). ?(Leave any unused cells blank. Do not enter a? "0" for any? zero-balances.)

December 31, 20X7 February 10, 20X8 April 14 May 9 July 14 October 21 November 12 Total Purchased 80 $6 480 110 $7 770 100 $8 800 2,050 290 Sold 120 75 255 Balance 110 $5 550