Transactions for the month of July for Carla Vista's Bookstore were as follows: Purchases Sales July...

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Transactions for the month of July for Carla Vista's Bookstore were as follows: Purchases Sales July 1 (balance) 590 @ $7.30 July 3 350 @ $9.3 8 1,190 @ $7.40 12 890 @ $9.55 22 680 @ $7.60 25 790 @ $9.80 30 30 210 @ $7.75 Assuming that periodic inventory records are kept. (a) Determine the ending inventory and cost of goods sold using FIFO method. (Round answers to 2 decimal places, e.g. 52.75.) Ending inventory $ Cost of goods sold Transactions for the month of July for Carla Vista's Bookstore were as follows: Purchases Sales July 1 (balance) 590 @ $7.30 July 3 350 @ $9.3 8 1,190 @ $7.40 12 890 @ $9.55 22 680 @ $7.60 25 790 @ $9.80 30 30 210 @ $7.75 Assuming that periodic inventory records are kept. (a) Determine the ending inventory and cost of goods sold using FIFO method. (Round answers to 2 decimal places, e.g. 52.75.) Ending inventory $ Cost of goods sold

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1 Ending Inventory using FIFO method Start with the July 1 ba... View the full answer