ABC Appliance Shop Inc. has the following data for inventory, purchases, and sales of merchandise for December for one of the items the company sells: (10 marks)

Activity Units Purchase Price (per unit) Sale Price (per unit)

Beginning inventory 64 $82.00

Purchase 1, Dec. 4 47 96.00

Sale 1, Dec. 8 38 $110.00

Sale 2, Dec. 10 10 $130.00

Purchase 2, Dec. 17 12 99.00

Sale 3, Dec. 20 23 $160.00

ABC Appliance Shop Inc. uses a perpetual inventory system. All purchases and sales were for cash.

Required:

1. Compute cost of goods sold.
2. Cost of ending inventory using the FIFO method.