Question 14 The following units of an inventory item were available for sale during the year: Beginning inventory First purchase Second purchase Third purchase 20 units at $75=$1,500 45 units at $80=$3,600 50 units at $85=$4,250 35 units at $90=$3,150 150 units $12,500 The company uses the periodic inventory system. There are 45 units in the physical inventory at the end The value of ending inventory using FIFO is $4,000 $3,500 $8,500 $3.750