Chapter 10, Problem 10.5BE

FIFO, Perpetual Basis. Spider incorporated provided the following information regarding its inventory for the current year.

Transaction	Units	Sales in Units	Unit Cost	Total Cost
Beginning inventory 1/1	3,500		$50	$175,000
Purchases
March 30	5,000		65	325,000
July 15	1,000		72	72,000
September 1		6,100
Total available for sale	9,500			$572,000
Units sold September 1	(6,100)
Ending inventory	3,400

Determine Spider’s ending inventory and cost of goods sold under the FIFO perpetual basis.