Tamara Saad starts a merchandising business on December 1 and enters into three inventory purchases:

Purchases on December 7	10 units @ $ 6.00 cost
Purchases on December 14	20 units @ $12.00 cost
Purchases on December 21	15 units @ $14.00 cost

Required:

Monson sells 15 units for $20 each on December 15. Assume the periodic inventory system is used. Determine the costs assigned to the December 31 ending inventory when costs are assigned based on the FIFO method.

Periodic FIFO:	Cost of Goods Available for Sale			Cost of Goods Sold			Inventory Balance
	# of units	Cost per unit	Cost of Goods Available for Sale	# of units sold	Cost per unit	Cost of Goods Sold	# of units in ending inventory	Cost per unit	Ending Inventory
Purchases:
December 7	10	$6.00	$60
December 14	20	12.00	240					12.00
December 21	15	14.00	210					14.00
Total	45		$510