A record of transactions for the month of November was as follows (all dollar amounts are per unit):

Purchases Sales

Nov. 1 (balance) 500 @ $6.10 Nov. 3 400 @ $9.00

8 700 @ $6.60 12 400 @ 9.50

14 300 @ $6.90 18 650 @ 9.50

29 500 @ $7.55

Assuming that perpetual inventory records are kept in dollars.

1) Determine the dollar value of the ending inventory using FIFO.

Answer:

2) Determine the total cost of goods sold amount for the month using FIFO.

Answer:

3) Record the journal entry for the sale on 11/12: