Assume a Waverly outlet store began August 2012 with 52 units of inventory that cost $13 each. The sale price of these units was $67. During August, the store completed these 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 forAugust.

Transcribed Image Text:

Units Unit Cost $13 14 13 14 14 15 14 Unit Sale Price S67 69 Aug 3 14 Purchase. 78 19 Sale.. Sale... Purchase Sale 2 69 69 31 69