Question: The beginning inventory on November 1 includes 15 units at a cost of $8.00 per unit. Following information is related to purchases made during November:

The beginning inventory on November 1 includes 15 units at a cost of $8.00 per unit. Following information is related to purchases made during November: Units Unit Cost Nov. 8 Purchase 60 units $8.60 17 Purchase 30 units $8.40 25 Purchase 45 units $8.80 A physical count of merchandise inventory on November 30 reveals that there are 50 units on hand. Assume a periodic inventory system is used. Cost of ending inventory under FIFO is

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