Smith Retail has the following purchases and sales for the period.

Quantity Price

Beginning inventory $500$ $ $4\mathrm{.}31$

Purchases

Jan $12600$ $ $6\mathrm{.}09$

Jan $26160$ $ $5\mathrm{.}45$

Sales

Jan $18370$ $ $16\mathrm{.}00$

Jan $30250$ $ $16\mathrm{.}00$

What is the ending inventory for the period using FIFO method?

Answer rating: 100% (QA)

To calculate the ending inventory using the FIFO FirstIn FirstOut method we need to follow t... View the full answer