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Calculate the value of ending inventory using fifo method

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Reference no: EM132709804

The following units of an inventory item were available for sale during the year:

Opening inventory : 10 units at $60

Purchase1/7/2014: 20 units at $60

Purchase10/10/2014: 30 units at $65

Purchase 11/12/2014: 15 units at $70

The firm uses the periodic inventory system. During the year, 60 units of the item were sold.

Required:

Problem 1: Calculate the value of ending inventory using FIFO method.

Reference no: EM132709804

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