Bonita Company's inventory records show the following data: Units Unit Cost
Inventory, January 1 10900 $8.00
Purchases: June 18 8700 8.10
November 8 5700 5.00

A physical inventory on December 31 shows 5700 units on hand. Under the FIFO method, the December 31 inventory is:

$28,500

Explanation:

FIFO will give the same result whether you use perpetual or periodic system.

Ending Inventory = Units Left × Earliest Price

Therefore,

Ending Inventory = 5700 units × $5.00

                             = $28,500

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