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The following units of an inventory item were available for sale during the year: Beginning inventory 9 units at $49 First purchase 17 units at
The following units of an inventory item were available for sale during the year:
Beginning inventory | 9 units at $49 |
First purchase | 17 units at $52 |
Second purchase | 21 units at $57 |
Third purchase | 14 units at $57 |
The firm uses the periodic inventory system. During the year, 37 units of the item were sold.
The value of ending inventory using FIFO is
$1,368
$1,809
$2,252
$1,094
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