The following transactions apply to Sam's Skateboards.1-JanBeginning inventory50 units @ $12012-JanPurchase30 units @ $10419-MarSales60 units @ $1908-JunPurchase20 units @ $1164-NovSales35 units @ $200Assume 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.
What will be an ideal response?
$580
FIFO Ending Inventory: 5 units × $116 per unit = $580
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