The Brown Company’s beginning inventory of C430 is 160 P.0.4 units at a cost of $88 each. Dates of purchases and sales for a three-month period are as follows:

Brown Company maintains 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 C430 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 C430 for this period.
Check Figure Cost of goods sold, $66,888.00 Problem Set B

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Purchases Date Units Cost per Unit Units Sales Price per Unit Jan. 16 220 $88.40 18 70 $104.00 29 140 104.00 Feb. 2 180 92.00 11 120 106.00 17 200 96.00 27 170 112.00 Mar. 9 90 112.00 14 120 97.20 22 75 112.00 29 70 112.80