Homework Answers
| Units | Unit cost | Total cost |
| 12 | 8 | 96 |
| 60 | 10 | 600 |
| 72 | 696 |
Number of units available for sale = 72
Number of units sold = 41
Ending inventory units = Number of units available for sale - Number of units sold
= 72 - 41
= 31
As per FIFO method, ending inventory comprises of units purchased later.
Thus, ending inventory of 31 units will be from units purchased at cost of 10 pounds per unit.
Cost of ending inventory = Ending inventory units x Cost per unit
= 31 x 10
= $310
Correct option is (D)
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