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PLEASE EXPLAIN PERIODIC. THE ANSWER WAS 697, NOT 710.5. Abysinnian Company has the following data related to an item of inventory: Inventory, March 1 135

image text in transcribedPLEASE EXPLAIN PERIODIC. THE ANSWER WAS 697, NOT 710.5.

Abysinnian Company has the following data related to an item of inventory: Inventory, March 1 135 units @ $2.2 each Purchase, March 7 250 units @ $2.32 each Sale, March 28 160 units @ $4.00 each Purchase, March 29 70 units @ $2.50 each Using FIFO periodic, what is the value of ending inventory

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