The beginning inventory and purchases of Commodity X for the period were as follows: Inventory,...
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Accounting
The beginning inventory and purchases of Commodity X for the period were as follows: Inventory, beginning 6 units at $40 each Sold 5 Units First purchase 8 units at $41 each Sold 6 Units Second purchase 5 units at $43 each Sold 3 Units Third purchase 5 units at $45 each Sold 3 Units The company uses the perpetural system and there were 7 units of Commodity X in the inventory at the end of the period. Determine the cost of ending inventory under FIFO.
A. 299
B. 248
C. 311
D. $135
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