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Lauer Corporation uses the periodic inventory system and has provided the following information about one of its laptop computers: Date Transaction Number of Units Cost
Lauer Corporation uses the periodic inventory system and has provided the following information about one of its laptop computers:
Date | Transaction | Number of Units | Cost per Unit | |||||
1/1 | Beginning Inventory | 260 | $ | 960 | ||||
5/5 | Purchase | 360 | $ | 1,060 | ||||
8/10 | Purchase | 460 | $ | 1,160 | ||||
10/15 | Purchase | 280 | $ | 1,210 | ||||
During the year, Lauer sold 1,150 laptop computers. What was ending inventory using the FIFO cost flow assumption?
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