A company had the following purchases and sales during its f…

A company had the following purchases and sales during its first year of operations:                                                        Purchases                           Sales January:                                        10 units at $120                 6 units February:                                      20 units at $125                 5 units May:                                             15 units at $130                  9 units September:                                  12 units at $135                  8 units November:                                   10 units at $140                 13 units On December 31, there were 26 units remaining in ending inventory. Using the periodic FIFO inventory costing method, what is the cost of the ending inventory? (Assume all sales were made on the last day of the month.)

Isaiah Company uses a periodic inventory system. Details for…

Isaiah Company uses a periodic inventory system. Details for the inventory account for the month of January, 2012 are as follows:                                              Units                      Per unit price                    Total Balance, 1/1/12                 200                             $5.00                          $1,000 Purchase, 1/15/12            100                               5.30                                530 Purchase, 1/28/12            100                               5.50                                550   An end of the month (1/31/12) inventory showed that 140 units were on hand. If the company uses FIFO, what is the value of the ending inventory?