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Spilly Ltd. uses the periodic inventory system and applied FIFO inventory costing. At the end...

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Accounting

Spilly Ltd. uses the periodic inventory system and applied FIFO inventory costing. At the end of the annual accounting period, December 31,2024, the accounting records for the best selling item in inventory showed:
Transartions Units Unit Cost
Beginning inventory, Jan. 1,2024
400
$18
Purchase, Feb. 1,1,000,21
Sale, March 15(sold at $26 each)
(800)
Purchase, May 15,500,24
4. Sale, July 31(sold at $35 each)
(400)
Required: Determine the following (show detailed computations to support your answer)(round to nearest dollar): Goods available for sale
Ending inventory value
Cost Of Goods Sold
6. The inventory records of Liz Corporation reflected the following information for the month of August:
\table[[Date,Transaction,Number of Units,Unit Cost],[81,Beginning inventory,400,$10
image

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