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Swifty Outdoor Stores Inc. uses a perpetual inventory system and has a beginning inventory, as at April 1. of 150 tents. This consists of 52
Swifty Outdoor Stores Inc. uses a perpetual inventory system and has a beginning inventory, as at April 1. of 150 tents. This consists of 52 tents purchased in February at a cost of $206 each and 98 tents purchased in March at a cost of $226 each. During April, the company had the following purchases and sales of tents. Purchases Units Unit Cost Date Apr. 3 Units 73 Sales Unit Price $398 10 195 $277 17 249 398 24 303 294 30 191 39ght (a) Determine the cost of goods sold and the cost of the ending inventory using FIFO. Cost of goods sold $ Cost of the ending inventory $
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