Problem
Logan Company uses a perpetual inventory system on a FIFO basis. Assuming inventory on January 1 was 800 units at $8 each.
|
Received
|
|
Sold
|
|
Date
|
Quantity
|
Cost per unit
|
Date
|
Quantity
|
|
Apr. 15
|
220
|
$5
|
Mar. 8
|
500
|
|
Nov. 12
|
1,900
|
9
|
Oct. 5
|
200
|
What is the cost of ending inventory at the end of October 5?