Question - A company uses the periodic inventory system and has provided the following information about one of its laptop computers:
|
Date
|
Transaction
|
Number of Units
|
Cost per Unit
|
|
1/1
|
Beginning inventory
|
400
|
$ 200
|
|
4/14
|
Purchase
|
300
|
$ 100
|
|
9/20
|
Purchase
|
700
|
$ 300
|
|
11/5
|
Purchase
|
200
|
$ 100
|
During the year, the company sold 1,100 laptop computers.
What was ending inventory using the FIFO cost flow assumption?