Given the Following Information, Determine the Cost of Ending Inventory

question 51

Short Answer

Given the following information, determine the cost of ending inventory at November 30 using the FIFO perpetual inventory method.
November 3: 15 units were purchased at $8 per unit.
November 11: 18 units were purchased at $9.50 per unit.
November 15: 15 units were sold at $45 per unit.
November 18: 30 units were purchased at $10.75 per unit.
November 30: 20 units were sold at $55 per unit.

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Definitions:

Middle

Relating to the intermediate point or position in a sequence, series, or progression.

Win-Lose Perspective

A competitive viewpoint where one party's gain is seen as another's loss, commonly found in conflict situations where cooperation is not considered.

Destructive Conflict

Conflict that dismantles rather than strengthens relationships.

Flexibility

The quality of being adaptable or willing to adjust to new conditions, situations, or changes.