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Storm Ltd sells and distributes surfboards. Storm i is using the perpetual inventory system and applying the First-In-First-Out (FIFO) method. Part A The following information
Storm Ltd sells and distributes surfboards. Storm i is using the perpetual inventory system and applying the First-In-First-Out (FIFO) method. Part A The following information was extracted from the book of Storm Ltd for September 2021 for an inventory item. Inventory code: Surf200 Purchases Date Transactions Unit Unit cost Sept 1 Beginning inventory 52 $96 Sept 12 Purchases 90 $100 Sept 19 Purchases 56 $104 Sept 26 Purchases 80 $105 Sales Date Transactions Unit Unit selling price Sept 6 Sales 24 $250 Sept 17 Sales 100 $250 Sept 29 Sales 124 $250 Sept 30 Ending inventory ? I Required: Determine the cost of goods sold (COGS) for each sale and the ending inventory after each sale. Determine the total cost of goods sold for the month of September 2021. Show all your workings clearly
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