The Following Transactions Apply to Sam's Skateboards Assume the Use of the Perpetual Inventory Method and That

Essay

The following transactions apply to Sam's Skateboards.
$\begin{array}{lll}1-\text {-January }& \text { Beginning inventory } & 50 \text { units } @\$ 120 \\12 \text {-January } & \text { Purchase } & 30 \text { units } @\$ 104 \\19 \text {-March } & \text { Sales } & 60 \text { units }@ \$ 190 \\\text { 8-January } & \text { Purchase } & 20 \text { units }@ \$ 116 \\\text { 4-November } & \text { Sales } & 35 \text { units }@ \$ 200\end{array}$ Assume the use of the perpetual inventory method and that all transactions were for cash.
Required:Determine the amount of ending inventory using a FIFO cost flow.