Assume that we use a perpetual inventory system and that five identical units are purchased at the following four dates and costs:
April 5 $10
April 10 $12
April 15 $14
April 20 $16
April 22 $17
One unit is sold on April 25. The company uses the first-in, first-out (FIFO) inventory costing method.
Identify the cost of the ending inventory on the balance sheet.
Cost of the ending inventory