Malcom, Inc. had the following balances and transactions dur…
Malcom, Inc. had the following balances and transactions during 2017:Beginning Inventory as of 1/1/17 100 units at $80March 10Purchased 100 units at $100June 10Sold 120 units at $150What would be reported as ending inventory on the income statement for the year ending December 31, 2017 if the perpetual inventory system and the first-in, first-out inventory costing method are used?