Paschal Exports
the Following Data Are Available for One of the Products

Essay

Paschal Exports
The following data are available for one of the products sold by Paschal Exports,which uses a perpetual inventory system.
$\begin{array}{lllr} \text { July } &1& \text { Beginning inventory, } 1,000 \text { wits at } \$ 2 \text { each } & \$ 2,000 \\&5 & \text { Purchased } 2,000 \text { units at } \$ 2.75 \text { each } & 5,500 \\&10 & \text { Sold } 2,500 \text { units for } \$ 16 \text { each } & \\&15 & \text { Purchased 2,000 units at } \$ 4 \text { each }&8,000 \\&25 & \text { Sold 1, } 500 \text { units for } \$ 12 \text { each } \\&31 & \text { Ending inventory, } 1,000 \text { units }\end{array}$
-Refer to the information provided for Paschal Exports.If the FIFO method of inventory costing is used,determine the following amounts:
A)Cost of goods sold for the units sold on July 10th?
B)Ending inventory on July 31st?