Question: When using the FIFO inventory valuation method, how do you compute the amount of ENDING INVENTORY? Multiply the number of units in ending inventory by

When using the FIFO inventory valuation method, how do you compute the amount of ENDING INVENTORY?

Multiply the number of units in ending inventory by the average cost per unit of the inventory items purchased near the end of the year

Multiply the number of units in ending inventory by the average cost per unit of the inventory items purchased near the beginning of the year

Multiply the number of units in ending inventory by the average cost per unit of the inventory items expected to be purchased near the beginning of next year

Multiply the number of units in ending inventory by the average cost per unit of all of the inventory items available for sale during the year

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