Great Music Shop began April with merchandise inventory of 15 units that cost $80 each. The sale price of each unit is $280. During the month, Great Music purchased and sold merchandise on account as follows:

Requirements 

1. Prepare Great Music’s perpetual inventory record assuming the company uses the FIFO inventory costing method. Then identify the cost of ending inventory and cost of goods sold for the month.
2. Journalize Great Music’s inventory transactions for April using the FIFO inventory costing method.
3. Determine Great Music’s gross profit for April.

Transcribed Image Text:

Date Apr. 5 8 11 22 26 30 Item Sale Purchase Sale Sale Purchase Sale Quantity 10 10 8 3 12 9 Unit Cost $92 100