Use the Information That Follows Concerning Yarley's Gift Store to Answer

Essay

Use the information that follows concerning Yarley's Gift Store to answer problems
Grandma's Gift Store uses the periodic inventory method. nventory and purchase information for July is as follows:
$\begin{array}{llc}\text { July 1 } & \text { Beginning inventory } & 500 @ \$ 4 \\\text { July 10 } & \text { Purchase } & 800 @ \$ 5 \\\text { July 31 } & \text { Ending inventory } & 300\end{array}$

-Grandma's Gift Store uses the FIFO cost flow assumption. Calculate its cost of goods sold for the month of July and its ending inventory at July 31.