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
5-Jul		55,000	5.1	280,500
11-Jul		53,000	5	265,000
15-Jul		45,000	5.5	247,500
16-Jul		47,000	5.3	249,100
Total purchases		200,000		1,042,100
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