Company A reported that a flood recently destroyed many of their financial records. The entity

used average cost inventory valuation.

The entity made a physical count at the end of each month in order to determine monthly ending

inventory value.

By examining various documents, the following data are gathered:

Ending inventory at July 31 60,000 units

Total cost of units available for sale in July 1,452,100

Cost of goods sold during July 1,164,100

Cost of beginning inventory, July 1 4.00 per unit

Gross profit on sales for July 935,900

Units Unit Cost Total Cost

July 5 55,000 5.1 280,500

July 11 53,000 5 265,000

July 15 45,000 5.5 247,500

July 16 47,000 5.3 249,100

Total 200,000 1,042,100

purchases

Determine:

(1) Cost of ending inventory on July 31

(2) Cost of goods sold under FIFO valuation method

(3) Cost of ending inventory on July 31 under FIFO valuation method