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3- Galaxy Company reported the following merchandise purchases and sales data for its only product during the current year, Galaxy co uses a periodic inventory
3- Galaxy Company reported the following merchandise purchases and sales data for its only product during the current year, Galaxy co uses a periodic inventory system. Date Jan.1 Beginning inventory 200 Unit Mar. 15 purchase Sept 13 Purchase Cost per unit/ Dhs 30 Dhs 33 Dhs 38 Dhs 40 Dhs Transaction Units 250 Unit 340 Unit 400 Units Nov 02 Purchase Total 1190 Unit At the end of the year, the actual inventory taking showed that ending inventory is 500 units. Total sales was Dhs 31,000 Required Using FIFO method, find the following: d. The costs of ending inventory e. The cost of goods sold. f. The gross profit
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