Libby Company Uses the Periodic Inventory System and Applied FIFO

Essay

Libby Company uses the periodic inventory system and applied FIFO inventory costing. At the end of the annual accounting period, December 31, 20X4, the accounting records for the best-selling item in inventory showed: $$\begin{array}{l}\begin{array} { | l | r | r | } \hline \text { Transaction } & \text { Units } & \text { Unit Cost } \\\hline \text { Beginning Inventory, Jan. 1, 20X4 } & 200 & \$ 11 \\\hline \text { 1. Purchase, Feb. 1 } & 400 & 12 \\\hline \text { 2. Sale, March 15, (sold at \$20 each) } & ( 300 ) & \\\hline \text { 3. Purchase, May 15 } & 350 &14 \\\hline \text { Sale, July 31 (sold at \$25 each) } & ( 500 ) & \\\hline\end{array}\\\\\text { Determine the following (show computations and round to the nearest dollar): }\\\\\begin{array} { | l | l | } \hline \text { Goods available for sale: } & \$\underline{\quad\quad} \\\hline \text { Ending inventory: } & \$\underline{\quad\quad} \\\hline \text { Cost of goods sold: } & \$\underline{\quad\quad} \\\hline\end{array}\end{array}$$