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The Sandhill Shop shows the following data related to an item of inventory: Inventory, January 1 310 units @ $4.00 Purchase, January 9 910 units
The Sandhill Shop shows the following data related to an item of inventory:
| Inventory, January 1 | 310 units | @ $4.00 | ||
| Purchase, January 9 | 910 units | @ $4.50 | ||
| Purchase, January 19 | 210 units | @ $5.00 | ||
| Inventory, January 31 | 310 units | |||
(a)
What value should be assigned to the ending inventory using FIFO?
| Value assigned to the ending inventory | $ |
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