Homework Answers
Under FIFO, First purchased items are sold first. So ending Inventory consists mostly of units recently purchased.
Total units of ending Inventory = (100 + 40 - 60 + 70 - 50) = 100 units
Cost of Ending Inventory under FIFO method
(70 units purchased on Jan 15th @ 13/unit + 30 units purchased on Jan 5th @ $12/unit)
= $910 + $360
= $1,270
Cost of Ending Inventory using FIFO method is $1,270
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