Assume a Roots outlet store began August 2014 with 40 units of inventory that cost $30 each. The sale price of these units was $60. During August, the store completed the following inventory transactions.

Requirements
1. Determine the store's cost of goods sold for August under the periodic inventory system.
Assume the FIFO method.
2. Compute gross profit for August.

Transcribed Image Text:

Units Unit Cost Unit Sale Price $30 31 30 31 31 32 31 $60 62 60 62 62 73 62 16 Sale 3 8 Aug 19 24 30 31 24 8 30 28 15