Date	Activities	Units Acquired at Cost					Units Sold at Retail
January 1	Beginning inventory	200	units	@ $10	=	$ 2,000
January 10	Sales						150	units	@ $40
March 14	Purchase	350	units	@ $15	=	5,250
March 15	Sales						300	units	@ $40
July 30	Purchase	450	units	@ $20	=	9,000
October 5	Sales						430	units	@ $40
October 26	Purchase	100	units	@ $25	=	2,500
	Totals	1,100	units			$ 18,750	880	units

Determine the costs assigned to ending inventory and to cost of goods sold using FIFO.

Perpetual FIFO:

Date

Goods Purchased

Cost of Goods Sold

Inventory Balance

# of units

Cost per unit

# of units sold

Cost per unit

Cost of Goods Sold

# of units

Cost per unit

Inventory Balance

January 1

200

at

January 10

150

at

$10.00

=

$1,500.00

50

at

March 14

350

at

$15.00

50

350

at

$15.00

=

5,250.00

Total March 14

$5,250.00

March 15

0

at

$15.00

=

0.00

at

Total March 15

July 30

0

Total July 30

October 5

0

0

120

Total October 5

October 26

0

0

Totals

$1,500.00