James Co. has the following data related to an item of inventory
Inventory, March 1 200 units @$4.30
Purchase, March 7 700 units @4.40
Purchase, March 16 140 units @$4.50
Inventory, March 31 500 units
In FIFO we assume that the earliest units are sold first, so ...
The solution explains how to calculate the ending inventory using FIFO.