Blake Company€™s beginning inventory of R317 is 160 units at a cost of $ 45 each. Dates of purchases and sales for a three- month period are as follows:

Blake Company maintains a perpetual inventory record using the first-in, first-out method. The minimum number of units allowed in inventory is 80; the maximum is 420. Data for January are recorded in the Working Papers.

Required
1. Record the data for purchases and sales of item R317 and for cost of goods sold in a perpetual inventory record using the first- in, first-out method for the months of February and March.
2. Determine the total cost of goods sold during the three- month period.
3. Determine the total sales for the three-month period.
4. Determine the gross profit from sales of item R317 for theperiod.

Transcribed Image Text:

Purchases Sales Date Units Cost per Unit $46.00 Units Price per Unit Jan. 6 $54.00 29 Feb.5 14 140 55.00 235 47.60 135 9 56.00 57.00 58.00 59.00 48.20 Mar4 155 48.50 17 30 85 135 59.00