During January, a company that uses a perpetual inventory system had beginning inventory, purchases, and sales as follows:

Units Cost per unit

Beginning Inventory 100 $15

Jan 05 Sales 50

Jan 10 Purchases 70 $13

Jan 15 Sale 25

Jan 25 Sale 35

Required: Prepare a schedule to show the Cost of Goods Sold and Ending Inventory using FIFO

Sales (at cost) Unit Cost Cost of Goods Sold Purchases Units Unit Cost Beginning inventory: Balance Unit Cost Date Total Cost Units Units Total Cost Totals Cost of goods available for sale = Cost of goods sold + Ending inventory