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A Company Reported the Current Month Purchase and Sales Data

Question 221

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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.
 Date  Activities  Units Acquired at Cost  Units Sold at Retail  April 1 Beginning Inventory 175 units@$15.00 4 Purchase  150units@$16.00 7 Sales 160 units@ $30.0010 Purchase  E00units@$17.00 16 Sales 250 units@ $30.0025 Purchase 160 units@$18.00 28 Sales  150units@$32.00 \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}

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