FIFO method

(Enter the oldest inventory layers first. If units sold come from more than one inventory layer, calculate a total for each layer all currency amounts to the nearest cent, X.XX.) More info 201X Sept. 1 Balance on hand: 9 units at a cost of $18.50 each. 2 Purchased 11 units at a cost of $22.25 each. 5 Sold 2 units for $32.25 each. (Remember to use cost and not selling price in the inventory record.) 6 Sold 14 units for $32.25 each. 8 Purchased 13 units at a cost of $24.50 each