.a. Calculate the cost of ending inventory using the FIFO (ending inventory shows 63 units).
b. Calculate the cost of goods sold using the FIFO (ending inventory shows 63 units).
Given:
Inventory : # Purchased : Cost per Unit : Total
Jan 1: 35 : $3 : $105
April 1: 55 : $6 : $330
June 1: 45 : $7 : $315
Nov 1: 50 : $8 : $400
Total: 185 : $1,150