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What would be reported for ending merchandise inventory

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Reference no: EM132924925

Problem - Nichols, Inc. had the following balances and transactions during 2018:

Beginning Merchandise Inventory as of January 1, 2018 100 units at $82

March 10 Sold 50 units

June 10 Purchased 200 units at $84

October 30 Sold 150 units

Required - What would be reported for Ending Merchandise Inventory on the balance sheet at December 31, 2018 if the perpetual inventory system and the first - in, first - out inventory costing method are used?

Reference no: EM132924925

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