A Company Reported the Current Month Purchase and Sales Data

Essay

A company reported the current month purchase and sales data for its only product and uses the perpetual inventory system.Determine the cost assigned to ending inventory and cost of goods sold using FIFO.
$\begin{array}{r|l|c|c|}\hline \text { Date } & \text { Activities } & \text { Units Acquired at Cost } & \text { Units Sold at Retail } \\\hline \text { April } 1& \text { Beginning Inventory } & 175 \text { units@\$15.00 } & \\\hline 4& \text { Purchase } & \text { 150units@\$16.00 } & \\\hline 7& \text { Sales } & & 160 \text { units@ } \$ 30.00 \\\hline 10&\text { Purchase } & \text { E00units@\$17.00 } & \\\hline 16& \text { Sales } & & 250 \text { units@ } \$ 30.00 \\\hline 25& \text { Purchase } & 160 \text { units@\$18.00 } & \\\hline 28&\text { Sales } & & \text { 150units@\$32.00 } \\\hline\end{array}$