Sanfillipo, inc., had 800 units of inventory on hand at march 1, 2018, costing $20 each. purchases and sales of inventory during the month of march were as follows:

date purchases sales
march 8 600 units
15 400 units @ $22 each
22 400 units @ $24 each
27 400 units

sanfillipo uses the periodic inventory system. according to a physical count, 600 units were on hand at the end of march.

the cost of inventory at the end of march applying the fifo method is:

$14,000

Explanation:

Under this periodic inventory, the latest purchase date is first recognized and then the previous date purchase is recognized for computing the ending inventory. The calculation is shown below:

Since the closing stock has 600 units out of 400 units is to be considered for $24 at March 22 date and the remaining 200 units would be taken at $22 each at March $15

In mathematically,

= 400 units × $24 + 200 units × $22

= $9,600 + $4,400

= $14,000

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