Jul .1 Beginning Merchandise Inventory 18 units @ 55 each

8 Purchase 15 units @ 60 each

15 purchase 12 units @ 61 each

26 Purchase 11 units @ 62 each

At July 31,Synthetix counts nine units of inventory on hand.

Compute ending merchandise inventory and cost of goods sold for Synthetix using the FIFO inventory costing method.

Calculate FIFO COST

a)Ending Merchandise Inventory..........

b) Cost of Goods Sold ..........