Date			Activities	Units Acquired at Cost								Units sold at Retail
Jan.	1		Beginning inventory	190	units	@	$	7.00	=	$	1,330
Jan.	10		Sales										150	units	@	$	16.00
Jan.	20		Purchase	110	units	@	$	6.00	=		660
Jan.	25		Sales										130	units	@	$	16.00
Jan.	30		Purchase	280	units	@	$	5.50	=		1,540
			Totals	580	units					$	3,530		280	units

The Company uses a perpetual inventory system. For specific identification, ending inventory consists of 300 units, where 280 are from the January 30 purchase, 5 are from the January 20 purchase, and 15 are from beginning inventory.

Required: 3. Determine the cost assigned to ending inventory and to cost of goods sold using FIFO.

Perpetual FIFO:

Goods Purchased

Cost of Goods Sold

Inventory Balance

Date

# of units

Cost per unit

# of units sold

Cost per unit

Cost of Goods Sold

# of units

Cost per unit

Inventory Balance

January 1

190

@

$7.00

=

$1,330.00

January 10

January 20

January 25

January 30

Totals