Jersey Shore Shirts is a new sweatshirt store located in Ocean City, New Jersey. Below are inventory purchases and sales including costs. Using this information calculate both the ENDING INVENTORY balance on the Balance Sheet and the COGS on the Income Statement using FIFO.

January 01: no beginning inventory

January 02: Purchase inventory: 100 items for $100 each

January 24: Purchase inventory: 100 items for $200 each

March 02: Sold inventory: 50 items

March 16: Purchase inventory: 100 items for $300 each

March 30: Sold inventory: 150 items

Question 25 options:

	Ending Inventory: $10,000; COGS: $50,000
	Ending Inventory: $39,000; COGS: $21,000
	Ending Inventory: $21,000; COGS: $39,000
	Ending Inventory: $50,000; COGS: $10,000

Jersey Shore Shirts is a new sweatshirt store located in Ocean City, New Jersey. Below are inventory purchases and sales including costs. Using this information calculate both the ENDING INVENTORY balance on the Balance Sheet and the COGS on the Income Statement using FIFO.

January 01: no beginning inventory

January 02: Purchase inventory: 100 items for $100 each

January 24: Purchase inventory: 100 items for $200 each

March 02: Sold inventory: 50 items

March 16: Purchase inventory: 100 items for $300 each

March 30: Sold inventory: 150 items

Question 25 options:

	Ending Inventory: $10,000; COGS: $50,000
	Ending Inventory: $39,000; COGS: $21,000
	Ending Inventory: $21,000; COGS: $39,000
	Ending Inventory: $50,000; COGS: $10,000