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Discuss the fifo method of inventory pricing

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During the past year, Franklin Industries sold 562 calculators. Inventory records for the year are as follows:

DATE   QUANTITY COST TOTAL
January 1 Beginning Inventory 150 $11.50 $1,725
August 23 Purchase 350 12.50 4,375
October 18 Purchase 250 10.50 2,625
November 19 Purchase 326 12.50 4,075
December 1 Purchase 450 8.50 3,825
Total available for sale   1,526 $16,625

Using the FIFO method of inventory pricing, calculate the dollar value of the ending inventory.

Reference no: EM131757307

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