FIFO Cost Formula
the Malibu Shop Shows the Following Data

Essay

FIFO cost formula
The Malibu Shop shows the following data related to item Y₂₇:
$$\begin{array} { l l } \text { Inventory, February 1 } & 100 \text { units @ } \$ 7.00 \\\text { Purchase, February } 9 & 200 \text { units @ } \$ 7.60 \\\text { Purchase, February 19 } & 150 \text { units @ } \$ 7.90 \\\text { Inventory, February } 28 & 200 \text { units }\end{array}$$ Instructions
Using the FIFO cost formula, what value should be assigned to the ending inventory of item Y₂₇?