Where does the 2300 come from?

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given in the following table for the first six months of 2017. Instructions: Calculate COGS, gross profit, and ending inventory using FIFO Image transcription Show full question Expert answer Step-by-step Step 1/2 Answer: FIFO is considered as one of the methods of inventory valuation under periodic inventory system. Its full form is First In First Out. It is the inventory valuation method that would assume that the oldest inventory is sold first. Explanation COGS calculation under the FIFO method: Under the periodic inventory pricing method, the inventory count would be taken on June 30 showing a total of 1,440 units. Since the beginning inventory was 400 units and there were purchases of 1,900 units during the 6 -month period, that means that 2,3001,440=860 units were sold. Using FIFO, the first 400 units were valued at $4.65 per unit and the next 460 were valued at $4.90 per unit. So, cost of goods sold was =(400$4.65)+(460$4.90)=$4,114 given in the following table for the first six months of 2017. Instructions: Calculate COGS, gross profit, and ending inventory using FIFO Image transcription Show full question Expert answer Step-by-step Step 1/2 Answer: FIFO is considered as one of the methods of inventory valuation under periodic inventory system. Its full form is First In First Out. It is the inventory valuation method that would assume that the oldest inventory is sold first. Explanation COGS calculation under the FIFO method: Under the periodic inventory pricing method, the inventory count would be taken on June 30 showing a total of 1,440 units. Since the beginning inventory was 400 units and there were purchases of 1,900 units during the 6 -month period, that means that 2,3001,440=860 units were sold. Using FIFO, the first 400 units were valued at $4.65 per unit and the next 460 were valued at $4.90 per unit. So, cost of goods sold was =(400$4.65)+(460$4.90)=$4,114