Do It$!$

The accounting records of Blossom Ag$.$ Implements shows the following data.

Beginning inventory $,3,200$ units at $$3$

Purchases $,4,800$ units at $$4$

Sales $,5,600$ units at $$12$

Determine the cost of goods sold during the period under a periodic system using FIFO.

Units

Beginning

inventory

Purchases

Total units

available

for sale

Less: Units

sold

Ending

inventory

Unit Cost

$

Cost of goods available for

sale

Total Cost

$

Step $1$

Ending Inventory