The Brady Company’s beginning inventory of C215 is 160 units at a cost of $44 each. Dates of purchases and sales for a three-month period are shown here.

Brady Company maintain^ a perpetual inventory record using the first-in, firstout method. Data for the month of January are recorded in the Working Papers.
Instructions 1. Record the data for purchases and sales of item C215 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 C215 for the period.

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Purchases Date Units Cost per Unit Units Sales Price per Unit Jan. 16 220 $44.20 18 70 $52.00 29 140 52.00 Feb. 5 240 45.60 14 130 53.00 22 190 53.00 26 220 46.20 Mar. 4 70 54.00 178 11 150 48.00 80 54.00 30 145 56.00