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Nichols, Inc. had the following balances and transactions during 2024: Beginning Merchandise Inventory as of January 1, 2024 300 units at $80 March 10 Sold

Nichols, Inc. had the following balances and transactions during 2024:

Beginning Merchandise Inventory as of January 1, 2024

300

units at $80

March 10

 Sold

50

units

June 10

 Purchased

600

units at $85

October 30

 Sold

350

units

What would be reported for Ending Merchandise Inventory on the balance sheet at December 31, 2024 if the perpetual inventory system and the firstin, firstout

inventory costing method are used?

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