Refer to the information in QS 5-5 and assume the periodic inventory system is used. Determine the

Question:

Refer to the information in QS 5-5 and assume the periodic inventory system is used. Determine the costs assigned to the December 31 ending inventory when costs are assigned based on FIFO. (Round per unit costs to three decimals, but inventory balances to the dollar.)

Mercedes Brown starts a merchandising business on December 1 and enters into three inventory purchases:

Ending Inventory
The ending inventory is the amount of inventory that a business is required to present on its balance sheet. It can be calculated using the ending inventory formula Ending Inventory Formula =...