A firm has the following inventory information for the first quarter:
01/01 Beginning Inventory 50 units @ $5
01/15 Purchases 80 units @ $5.50
02/15 Purchases 60 units @ $5.25
02/15 Purchases 40 units @ $5.75
Sales 170 units @ $10
Total operating expenses $500
What is ending inventory under FIFO?
(Points: 5)
$305
$322.17
$335
$350
12. What is the cost of goods sold under FIFO? (Points: 5)
$770
$800
$900
$930
Please help me with this. I do not understand it.