Merchandises of ABC Company and data on purchases and sales for a month of July period follow. It uses the PERPETUAL inventory system

July $01$: Beginning inventory; $8000$ units @ $$100$ each.

July $02$: Sold $5600$ units @ $$160$ each.

July $12$: Purchased $3000$ units @$$120$ each.

July $18$: Sold $3500$ units @$$175$ each.

July $20$: Sold $1200$ units @ $$150$ each.

July $22$: Purchased $12200$ units @ $$145$ each.

July $29$: Sold $10200$ units @ $$180$ each.

July $30$: Sold $1500$ units @ $$185$ each.

 

 

$1.$ Determine the cost of ending inventory and cost of goods sold for JULY using the FIFO method. $($PERPETUAL inventory system$)$