The Units of an Item Available for Sale During the Year

question 67

Essay

The units of an item available for sale during the year were as follows: $\begin{array}{lrll}\text { Jan. } & 1 & \text { Inventory } & 25 \text { units at } \$ 45 \\\text { Mar. } & 4& \text { Purchase } & 15 \text { units at } \$ 50 \\\text { June } & 7& \text { Purchase } & 35 \text { units at } \$ 58 \\\text { Nov. } & 15& \text { Purchase } & 20 \text { units at } \$ 65\end{array}$ ​
There are 30 units of the item in the physical inventory at December 31. The periodic inventory system is used. Determine the ending inventory cost using FIFO.

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Definitions:

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