Given the following data, what is the cost of ending inventory rounded to the nearest whole dollar using periodic FIFO? $\begin{array} { | l | l | }
\hline \text { Sales revenue } & 100 \text { units at } \$ 10 \text { per unit } \
\hline \text { Beginning inventory } & 50 \text { units at } \$ 8 \text { per unit } \
\hline \text { Purchases } & 90 \text { units at } \$ 9 \text { per unit } \
\hline
\end{array}$

Question

Given the following data, what is the cost of ending inventory rounded to the nearest whole dollar using periodic FIFO? $\begin{array} { | l | l | } 
\hline \text { Sales revenue } & 100 \text { units at } \$ 10 \text { per unit } \
\hline \text { Beginning inventory } & 50 \text { units at } \$ 8 \text { per unit } \
\hline \text { Purchases } & 90 \text { units at } \$ 9 \text { per unit } \
\hline
\end{array}$

Quizplus · Accepted Answer

Under the periodic FIFO method, the cost of the ending inventory is based on the most recent purchases. The company sold 100 units, leaving 40 units in ending inventory (140 units available - 100 units sold). The ending inventory would consist of the 40 most recently purchased units, all at $9 per unit, totaling $360 (40 units * $9/unit).

Given the Following Data, What Is the Cost of Ending