Exercise 8-14

Flounder Corporation sells one product, with information for July as follows:

July	1		Inventory		100 units at $15.00 each
	4		Sale		80 units at $20.00 each
	11		Purchase		150 units at $16.40 each
	13		Sale		120 units at $18.80 each
	20		Purchase		160 units at $17.10 each
	27		Sale		100 units at $20.40 each

Flounder uses the FIFO cost formula. All purchases and sales are on account. Ignore any estimated returns on purchases and sales.