Solved: Using the fifo inventory method in a perpetual inventory, Accounting Basics

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Using the fifo inventory method in a perpetual inventory

Question - A company just starting business made the following purchases in August:

August 1 300 units $1,560

August 1 2400 units $2,340

August 24 400 units $2,520

August 30 300 units $1,980

1,400 units $8,400

A physical count of the inventory on August 31 reveals that there are 500 units on hand. Using the FIFO inventory method in a perpetual inventory system, how much is the value of the ending inventory on August 31?

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Accounting Basics: Using the fifo inventory method in a perpetual inventory

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