10Q.

The beginning inventory was 300 units at a cost of $10 per unit. Goods available for sale during the year were 1,300 units at a total cost of $14,400. In May, 600 units were purchased at a total cost of $6,600. The only other purchase transaction occurred during October. Ending inventory was 550 units.

Required:

a.

Calculate the number of units purchased in October and the cost per unit purchased in October.

Purchased in October:

Number of Units: __________

Cost per Unit: $____________

b-1.	Assume the periodic inventory system is used. Calculate cost of goods sold and ending inventory usingFIFO method.

Periodic FIFO	Cost of Goods Available for Sale	Cost of Goods Sold	Inventory balance
	# of units	Cost per unit	Cost of goods available for sale	# of units sold	Cost per unit	Cost of goods sold	# of units in ending inventory	Cost per unit	Ending inventory
Beginning inventory
Purchases:
Purchas 1
Purchase 2
Total