25. Grays Company has inventory of 25 units at a cost of $6 each on August 1. On August 3, it purchased 35 units at $11 each. 27 units are sold on August 6. Using the FIFO perpetual inventory method, what amount will be reported as cost of goods sold for the 27 units that were sold?

28. Marquis Company uses a weighted-average perpetual inventory system and has the following purchases and sales:

August 2	25 units were purchased at $6 per unit.
August 18	30 units were purchased at $8 per unit.
August 29	27 units were sold.

What is the amount of the cost of goods sold for this sale? (Round average cost per unit to 2 decimal places.)

29. Sal Company reported the following purchases and sales for its only product. Sal uses a perpetual inventory system. Determine the cost assigned to cost of goods sold using LIFO.

Date

Activities

Units Acquired at Cost

Units Sold at Retail

May 1

Beginning Inventory

190 units @ $14

5

Purchase

240 units @ $16

10

Sales

160 units @ $24

15

Purchase

120 units @ $17

24

Sales

110 units @ $25

38. Farthington Soccer Supplies purchases merchandise from a supplier on credit, terms 1/10, n/30 for $16,600. Assume the company uses a perpetual inventory system, and records purchases using the gross method. When recording the purchase transaction in its purchases journal, Farthington would enter:

45. Mone Company reported the following purchases and sales of its only product. Mone uses a perpetual inventory system. Determine the cost assigned to cost of goods sold using FIFO.

Date	Activities	Units Acquired at Cost	Units Sold at Retail
May 1	Beginning Inventory	330 units @ $18
5	Purchase	310 units @ $20
10	Sales		230 units @ $28
15	Purchase	190 units @ $21
24	Sales		180 units @ $29