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Beginning Inventory, purchases, and sales data for sunglasses are as follows: (10 M ARKS) Inventory Purchases Sales May 1 850 units @ $11 5 .00

Beginning Inventory, purchases, and sales data for sunglasses are as follows: (10 MARKS)

Inventory

Purchases

Sales

May 1 850 units @ $115.00

May 8 320 units @ $122.00

May 10 620 units

May 19 98 units @ $130.00

May 15

410 units

May 30

168 units

Assuming that a perpetual inventory system is used, costing by the FIFO method, determine the cost of goods sold for each sale and inventory balance after each sale, presenting the data in the working papers provided.

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