Question: Spider Incorporated provided the following information regarding its inventory for the current year. Determine Spiders ending inventory and cost of goods sold under the FIFO

Spider Incorporated provided the following information regarding its inventory for the current year.

Determine Spider€™s ending inventory and cost of goods sold under the FIFO perpetual basis.

Sales in Units Transaction Beginning inventory 1/1 Purchases March 30 July 15 September 1 Total available for sale Units sold September 1 Units Unit Cost Total Cost 3,500 S50 $175,000 5,000 1,000 65 72 325,000 72,000 6,100 9,500 6,100) 3,400 572,000 Ending inventcry

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