Question: Otis Corp. uses a periodic system and the FIFO method. Otis had beginning inventory of 30 units purchased at $120 each and made the following

Otis Corp. uses a periodic system and the FIFO method. Otis had beginning inventory of 30 units purchased at $120 each and made the following purchases during the year:

Jan. 15: 34 units at $100

May 30: 61 units at $84

Oct. 20: 160 units at $60

Sales during the year totaled 271 units. What is the cost of ending inventory?

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