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Ending inventory using FIFO

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Compute ending inventory using FIFO inventory costing method

James Co. has the following data related to an item of inventory

Inventory, March 1 200 units @$4.30
Purchase, March 7 700 units @4.40
Purchase, March 16 140 units @$4.50
Inventory, March 31 500 units

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The solution explains how to calculate the ending inventory using FIFO.

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In FIFO we assume that the earliest units are sold first, so ...

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