Question - The inventory data for an item for July are as follows.
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July 1
|
Inventory
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10 units at $15
|
|
July 3
|
Sold
|
5 units
|
|
July 10
|
Purchased
|
12 units at $16
|
|
July 18
|
Sold
|
8 units
|
|
July 27
|
Purchased
|
15 units at $17
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Using the perpetual system, costing by the first-in, first-out (FIFO) method, what is the cost of the ending inventory on July 31?