At the beginning of the current period, a company carried 750 units of its product with a unit cost of $29. A summary of purchases during the current period follows. Also, during the current period, the company sold 2,675 units. Assume that the company in this example uses the first-in, first-out method. Compute both cost of goods sold for the current period and the ending inventory balance. Use the financial statement effects template to record cost of goods sold for the period. Assume that the company in this example uses the first-in, first-out method. Compute both cost of goods sold for the current period and the ending inventory balance. Use the financial statement effects template

			Units	Unit Cost	Cost
Beginning Inventory		750	29.00	21,750
Purchases
	#1		1,425	28.00	39,900
	#2		795	34.00	27,030
	#3		900	32.50	29,250
	#4		1,240	30.50	37,820