Question: please answer with correct and detailed calculations and explanations. make sure supporting statements are also provided for each step and calculation. Calculate the ending inventory

please answer with correct and detailed calculations and explanations. make sure supporting statements are also provided for each step and calculation.

Calculate the ending inventory using FIFO for a company that uses a perpetual inventory system, using the information given below. Date Activities Units Acquired at Cost Units Sold at Retail August 1 Beginning inventory 100 units @ $10 = $1,000 August 5 Purchase 40 units @ $12 = $480 August 10 Sale 60 units sold August 15 Purchase 70 units @ $13 = $910 August 25 Sale 50 units sold

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