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Monty Limited uses a perpetual inventory system. The inventory records show the following data for its first month of operations: Date Explanation Units Unit Cost
Monty Limited uses a perpetual inventory system. The inventory records show the following data for its first month of operations:
Date | Explanation | Units | Unit Cost | Total Cost | Balance in Units | |||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|
Aug. | 2 | Purchases | 240 | $73 | $17,520 | 240 | ||||||
3 | Purchases | 506 | 96 | 48,576 | 746 | |||||||
10 | Sales | (299 | ) | 447 | ||||||||
15 | Purchases | 871 | 115 | 100,165 | 1,318 | |||||||
25 | Sales | (335 | ) | 983 |
Calculate the cost of goods sold and ending inventory using the FIFO cost method.
Cost of goods sold | $enter the cost of goods sold in dollars |
---|---|
Ending inventory | $enter the ending inventory in dollars |
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