Curtis Company Had the Following Transactions for the Month of January

Essay

Curtis Company had the following transactions for the month of January:
$\begin{array}{lll}1 \text {-January } & \text { Beginning inventory } & 30 \text { units @ } \$ 150 \\\text { 6-January } & \text { Purchase } & 40 \text { units @ } \$ 160\\\text { 8-January } & \text { Sales } & 50 \text { units } @ \$ 260 \\\text { 19-January } & \text { Purchase } & 20 \text { units } @ \$ 164 \\22 \text {-January } & \text { Sales } & 30 \text { units }@ \$ 260 \\\text { 30-January } & \text { Purchase } & 15 \text { units } @\$ 156\end{array}$ Assume that Curtis uses the perpetual inventory method and that all transactions were for cash.
Required:Determine the amount of ending inventory using the FIFO cost flow method.