Periodic Inventory System.

Using FIFO calculate the inventory balance for the month shown below. Show Your Work & Explain your answer.

	Cost of goods available for sale:
Date		# Units	Cost per unit
1/1	Beginning Inventory	40	$60
1/4	Purchased	30	$50
1/15	Purchased	10	$40
1/25	Purchased	12	$55

Retail SOG:
Date Sold	# of units sold	Price per unit
1/13	25	$65
1/24	45	$85