Lemon company purchased 200 units for $30 each on January 31. It purchased 240 units for $36 each on February 28. It sold a total of 340 units for $40 each from March 1 through December 31. What is the cost of ending inventory on December 31 if the company uses the first-in, first-out (FIFO) inventory costing method?

Answer rating: 100% (QA)

Under the FIFO FirstIn FirstOut inventory costing method the first units purchased are ... View the full answer