Answer:
The amount allocated to ending inventory for June is $2,753
Explanation:
The FIFO is a method used to account value for inventory. Under the method, the first item of inventory purchased is the first one sold.
A physical count of merchandise inventory on June 30 reveals that there are 350 units on hand.
Following the FIFO, 350 units on hand include:
290 units were purchased on June 28: $2,291
60 units were purchased on June 15: $1,540/200 x 60 = $462
The amount allocated to ending inventory = $2,291 + $462 = $2,753
