Using FIFO;
The Ending inventory = 7
Cost of goods sold = $9240
<h3>What is FIFO in accounting?</h3>
FIFO is the acronym for the First In, First Out, which is the principle in which assets produced or acquired first are sold, used, or disposed of first.
Using the FIFO asset-management procedure;
Total assets owned = 6 + 5 + 4 + 6 = 21
Total sales = 4 + 3 + 7 = 14
Ending inventory = 21 - 14
Ending inventory = 7
Cost of good sold is calculated using FIFO as follows:
Total goods sold = 14
Cost of goods sold = 6 * $830 + (1 + 4) * 840 + 3 * $850
Cost of goods sold = $9240
In conclusion, using FIFO, the first goods bought are sold first.
Learn more about FIFO at:brainly.com/question/24938626
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