Amount of ending inventory-using the fifo method

Reference no: EM13258805

ABCCompany employs a periodic inventory system and sells its inventoryto customers for $25 per unit. ABC Company had the following inventory information availablefor the month of May:

May1 Beginning inventory 5,000 units @ $9 cost perunit
May6 Purchased 4,000 units @ $11 cost per unit
May8 Sold 3,000 units
May13 Purchased 2,000 units @ $5 cost per unit
May18 Sold 2,500 units
May21 Purchased 2,500 units @ $8 cost per unit
May28 Sold 1,800 units
May30 Purchased 2,000 units @ $18 cost per unit

Calculate the dollar amount of ending inventoryshown on ABC Company's May 31 balance sheet using the FIFO method.

Reference no: EM13258805

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