The units of an item available for sale during the year were as follows: There are 30 units of the item in the physical inventory at December 31. The periodic inventory system is used. Determine the ending inventory cost using FIFO.

Periodic Inventory System

An inventory system in which the inventory count and cost of goods sold calculation are performed at specific intervals, typically at the end of an accounting period.

FIFO

FIFO, which stands for "first in, first out," is an inventory valuation method where the first items placed in inventory are the first ones sold. This approach aims to mirror the actual flow of goods.

Ending Inventory Cost

The total value of all the goods a company has in stock at the end of a financial period, calculated using one of several accounting methods.