Inventory valuation methods

Q78. The following inventory statement of Build-Up Property Company describes the status of the company’s inventory since the beginning of the year 2014. When the company uses a first-in-first-out (FIFO) method for inventory asset valuation, what is the inventory value at the end of the year 2014? Build-Up Property Company Inventory Statement For the year ending December 31, 2014 Units Unit Price Value Beginning inventory, January 1, 2014 100 10 1,000 Net Purchases Purchase #1 500 14 7,000 Purchase #2 400 12 4,800 Cost of goods available for sale Total sold units 400 Ending inventory, December 31, 2014 ?

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