The Units of an Item Available for Sale During the Year

Essay

The units of an item available for sale during the year were as follows: $\begin{array}{ll}\text { Jan. } 1 \text { Inventory } & 25 \text { units at } \$ 45 \\\text { Mar. } 4 \text { Purchase } & 15 \text { units at } \$ 50 \\\text { June } 7 \text { Purchase } & 35 \text { units at } \$ 58 \\\text { Nov. } 15 \text { Purchase } & 20 \text { units at } \$ 65\end{array}$ 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.