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 Neighborly Industries has the following inventory information. \text { Neighborly Industries has the following inventory information. }

question 72

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 Neighborly Industries has the following inventory information. \text { Neighborly Industries has the following inventory information. }
 July 1 Beginning Inventory 20 units at $1205 Purchases 120 units at $11214 Sale 80 units 21 Purchases 60 units at $11530 Sale 56 units \begin{array}{rll}\text { July }1 & \text { Beginning Inventory } & 20 \text { units at } \$ 120 \\5 & \text { Purchases } & 120 \text { units at } \$ 112 \\14 & \text { Sale } & 80 \text { units } \\21 & \text { Purchases } & 60 \text { units at } \$ 115 \\30 & \text { Sale } & 56 \text { units }\end{array}
Assuming that a periodic inventory system is used, what is the amount allocated to ending inventory on a FIFO basis?

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Definitions:

Dependent Variable

The variable being tested and measured in an experiment, which is influenced by the independent variable.

Experimental Results

The data and observations collected during an experiment, which are analyzed to draw conclusions about the hypothesis tested.

Centimeter

A unit of length in the metric system, equal to one hundredth of a meter, commonly used to measure small distances or heights.

Inch

A unit of length in the British imperial and United States customary systems, equal to 1/12 foot or 2.54 centimeters.

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