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A company purchased 500 units for $ 30 each on January 31. It purchased 650...

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Accounting

A company purchased 500 units for $ 30 each on January 31. It purchased 650 units for $ 39 each on February 28. It sold a total of 640 units for $ 45 each from March 1 through December 31. What is the cost of ending inventory on December 31 if the company uses the firstminusin, firstminusout (FIFO) inventory costing method? (Assume that the company uses a perpetual inventory system.)

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