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Using the information given below for a company that uses a perpetual inventory system, calculate the ending inventory using FIFO.
Waiver
The intentional relinquishment of a known right. It is a voluntary act and implies an election by the party to dispense with something of value, or to forgo some advantage that he or she might have demanded and insisted on.
Personal Satisfaction
A contractual condition requiring an obligation to be performed to the personal satisfaction of one of the parties involved, subject to reasonable criteria.
Intercontinental Ballistic Missile
A guided ballistic missile with a minimum range of more than 5,500 kilometers, primarily designed for nuclear weapons delivery.
Substantial Performance
A legal concept that indicates a party has fulfilled enough of its contractual obligations to warrant payment or consideration, even if minor details remain uncompleted.
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