Spilly Ltd uses the periodic inventory system and applied FIFO inventory costing. At the end of the annual accounting period, December the accounting records for the best selling item in inventory showed:
Transartions Units Unit Cost
Beginning inventory, Jan.
$
Purchase, Feb.
Sale, March sold at $ each
Purchase, May
Sale, July sold at $ each
Required: Determine the following show detailed computations to support your answerround to nearest dollar: Goods available for sale
Ending inventory value
Cost Of Goods Sold
The inventory records of Liz Corporation reflected the following information for the month of August:
tableDateTransaction,Number of Units,Unit CostBeginning inventory,$
