The following data are available for one of the products sold by Paschal Exports, which...
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Accounting
The following data are available for one of the products sold by Paschal Exports, which uses a perpetual inventory system.
July 1 Beginning inventory, 1,000 units at $2 each
5 Purchased 2,000 units at $2.75 each
10 Sold 2,500 units for $16 each
15 Purchased 2,000 units at $4 each
25 Sold 1,000 units for $12 each
Required: If the FIFO method of inventory costing is used, determine the Cost of goods sold for July and the ending inventory for July. Make sure you show your calculations.
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