Question: Caterpillar Inc. uses the FIFO method to value its inventory. Beginning inventory consists of 5,000 units at $50 each. During the period, 10,000 units are

Caterpillar Inc. uses the FIFO method to value its inventory. Beginning inventory consists of 5,000 units at $50 each. During the period, 10,000 units are purchased at $60 each, and 8,000 units are sold. Calculate the cost of goods sold and ending inventory under FIFO.

Description	Units	Unit Cost	Total Cost
Beginning Inventory		$50
Purchases		$60
Cost of Goods Sold
Ending Inventory

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