A company had the following purchases and sales during its first
year of operations:
On December 31, there were 26 units remaining in ending inventory. Using the periodic FIFO inventory costing method, what is the cost of the ending inventory? (Assume all sales were made on the last day of the month.)
| Purchases | Sales | |
| January: | 10 units at $120 | 6 units |
| February: | 20 units at $125 | 5 units |
| May: | 15 units at $130 | 9 units |
| September: | 12 units at $135 | 8 units |
| November: | 10 units at $140 | 13 units |
On December 31, there were 26 units remaining in ending inventory. Using the periodic FIFO inventory costing method, what is the cost of the ending inventory? (Assume all sales were made on the last day of the month.)
