Final answer:
The question involves calculating the value of the ending inventory using the FIFO method, which stands for First-In, First-Out, reflecting that the oldest inventory items are considered sold first. Begin with calculating the total cost of inventory purchases for each time period, then deduce the costs of sold items to calculate the remaining inventory value.
Step-by-step explanation:
The question asks to determine the costs assigned to the December 31 ending inventory using the FIFO method. FIFO stands for First-In, First-Out, meaning that the oldest inventory items are recorded as sold first. To calculate the cost of the ending inventory, you will take the cost of the most recent items added to inventory for the quantities that remain.
To begin, you would calculate the total cost of buying the inventory items based on each time period's purchase price and quantity. Then, working backwards from the end of the period, subtract quantities that were sold from the most recent purchases until you have accounted for all the items sold. The remaining items and their associated costs represent the ending inventory value.
Without the actual table figures, a specific numerical answer cannot be given. However, the process involves listing the inventory purchases in chronological order, then applying the costs of the oldest items to the sold units, and keeping the costs of the newest items for the calculation of the ending inventory.