The following inventory transactions apply to Duncan Steel Company for 2016:

The beginning inventory consisted of 180 units at $10 per unit. All transactions are cash transactions.
Required
a. Record these transactions in general journal format assuming Duncan Steel Company uses the FIFO cost flow assumption and keeps perpetual records.
b. Compute the ending balance in the Inventory account.

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Jan. 1 Purchased 200 units$12 Apr. Sold Aug. 1 Purchased 300 units $15 Dec. 1 Sold 150 units $20 450 units@ $25