Sunshine Pets Ltd$.$ holds beginning inventory of $14$ bags of health science cat food at a cost of $$30$ each, as at July $1.$ During the month of July, the company has recorded the following purchases and sales $($see table below$).$ Sunshine Pets is using the perpetual inventory method.

$\backslash$table$[[$Date$,$Purchases: Units,$\backslash$table$[[$Purchases:$],[$Unit Cost in $$]],\backslash$table$[[$Sales:$],[$Units$]],\backslash$table$[[$Sales:$],[$Unit Price in $$]]],[02-$Jul,$12,31,,],[10-$Jul,,,$18,70],[12-$Jul,$20,32,16,72],[17-$Jul,$14,,,],[20-$Jul,,$28,16,]]$

Requirement:

Solve the following questions on paper. Then, fill in the Blanks below.

a$)$ Determine the cost of goods sold and the cost of the ending inventory using the first$-$in first$-$out $($FIFO$)$ cost formula.

Blank #$1$: What is the ending inventory cost $($$$)$ after purchase on July $2?$

Blank #$2$: How many units of inventory are recorded in the books after the selling transaction on July $10?$

Blank #$3$: What is the ending inventory cost $($$$)$ after purchase on July $12?$

Blank #$4$: What sales revenue $($$$)$ results from the selling transaction on July $17?$

b$)$ Calculate Sunshine Pet Ltd$.\text{'}$s gross profit. Present your answer as plain number.

b$)$ Calculate Sunshine Pet Ltd$.\text{'}$s gross profit. Present your answer as plain number. Blank #$5$: What is the gross profit $($$$)$ for the month of July?

c$)$ Disregard your own calculations of the cost of goods sold and assume they are $$956.$ Calculate the gross profit margin $($i$.$e$.,$ gross profit percentage$).$ Round the final result to $1$ digit after the comma for the $\%-$value, for example: for $34\mathrm{.}57\%$ enter $34\mathrm{.}6$ without $\%-$sign.

Blank #$6$: What is the gross profit margin for July $($considering provided CoGS$)?$

Required format for entering numbers: only enter plain amounts, no $$-$signs or commas. Round final results to totali$$-$amounts.

Submit your calculations to the dropbox after submitting the exam.

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