Perpetual System$-$Calculating Ending Inventory and Cost of Sales Using FIFO

Upland Co$.\text{'}$s inventory records showed the following data accounted for in a perpetual inventory system.

What is $($a$)$ ending inventory on June $30,$ and $($b$)$ cost of goods sold for June, using the FIFO inventory method?

$-$Note: Do not use negative signs with any of your answers.

$-$Note: List the inventory units in chronological order based on their purchase date with beginning inventory, if any, listed first.Perpetual System$$Calculating Ending Inventory and Cost of Sales Using FIFO

Upland Co$.$s inventory records showed the following data accounted for in a perpetual inventory system.

Date Units Unit Cost

June $1$ Inventory $($beg$.)300$ $$8\mathrm{.}00$

June $3$ Purchases $6008\mathrm{.}40$

June $7$ Sales $($at $$16$ per unit$)420$

June $20$ Purchases $4089\mathrm{.}00$

June $22$ Sales $($at $$16$ per unit$)660$

What is $($a$)$ ending inventory on June $30,$ and $($b$)$ cost of goods sold for June, using the FIFO inventory method?

$$Note: Do not use negative signs with any of your answers.

$$Note: List the inventory units in chronological order based on their purchase date with beginning inventory, if any, listed first.

Purchases Cost of Sales Inventory Balance

Unit Total Unit Total Unit Total

Date Units Cost Cost Units Cost Cost Units Cost Cost

June $1300$ $$8\mathrm{.}00$ $$2,400$

June $3$

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June $7$

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June $20$

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June $22$

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a$.$ Ending Inventory

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b$.$ Cost of goods sold

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