Question: A company uses the FIFO (First-In, First-Out) method for inventory valuation. It had the following transactions during the year: Beginning inventory: 100 units at $10

A company uses the FIFO (First-In, First-Out) method for inventory valuation. It had the following transactions during the year:

  • Beginning inventory: 100 units at $10 each
  • Purchase 1: 200 units at $12 each
  • Purchase 2: 150 units at $15 each
  • Sale 1: 250 units

What is the value of ending inventory and the cost of goods sold (COGS) using the FIFO method?

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