Question: Amazon uses the FIFO method for inventory valuation. The following data is available: Date Purchases (Units) Cost per Unit ($) Sales (Units) January 1 15,000

Amazon uses the FIFO method for inventory valuation. The following data is available:

Date

Purchases (Units)

Cost per Unit ($)

Sales (Units)

January 1

15,000

$7

-

February 1

12,000

$8

8,000

March 1

18,000

$9

12,000

Calculate the ending inventory value and the cost of goods sold (COGS).

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