Question - A company purchased 500 units for $ 20 each on January 31. It purchased 550 units for $ 22 each on February 28. It sold a total of 640 units for $ 45 each from March 1 through December 31. What is the cost of ending inventory on December 31 if the company uses the first-in, first-out (FIFO) inventory costing method?
$8,200
$9,020
$3,220
$4,980