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Determine the cost of inventory at the end of March

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Question - Sanfillipo, Inc., had 800 units of inventory on hand at March 1 of the current year, costing $20 each. Purchases and sales of inventory during the month of March were as follows:

Date

Purchases

Sales

March 8

 

600 units

March 15

400 units @ $22 each

 

March 22

400 units @ $24 each

 

March 27

 

400 units

Sanfillipo uses the periodic inventory system. According to a physical count, 600 units were on hand at the end of March.

Required - Determine the cost of inventory at the end of March applying the FIFO method?

Reference no: EM132847512

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