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Illustrated below is a perpetual inventory card for the current year.

Date......... Units Purchased... Units Sold.... Units

.............................................................Balance

January 1 ....................................................0

January 12.... 1,000 @ $2.00.....---............ 1,000

March 15 .......---.....................300 ............700

May 5 ...........500 @ $2.20....... ---.............1,200

July 8 ...........---......................500............ 700

November 24..1,000 @ $1.65.....---............ 1,700

Additional information:  The entity had no opening inventory.

 The items sold on March 15 were purchased on January 12.

 The items sold on July 8 were purchased on May 5.

The ending inventory balance under the first-in, first-out (FIFO) method of inventory valuation is