Sunshine Pets Ltd. holds beginning inventory of 18 bags of health science cat food at a cost of $24 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. Date 02-Jul 10-Jul 12-Jul 17-Jul 20-Jul Purchases: Unit Cost in 4 25 8 10 27 10 28 Purchases: Units Sales: Units 12 12 Sales: Unit Price in $ 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? 70 72

Sunshine Pets Ltd. holds beginning inventory of 18 bags of health science cat food at a cost of $24 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. 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