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The entity made a physical count at the end of each month in order to determine monthly ending Inventory value. By examining various documents, the
The entity made a physical count at the end of each month in order to determine monthly ending Inventory value. By examining various documents, the following data are gathered: Ending Inventory at July 31 50.000 units Total cost of units available for sale in July 1,452,100 Cost of goods sold during July 1,164,100 Cost of beginning inventory uy 1 4.00 per unit Gross profit on sales for July 935,900 Units Unit Cost Total Cost Julys 55,000 5.1 280,500 July 11 53,000 5 265,000 July 15 45,000 5.5 247,500 July 16 47,000 5.3 249.100 Total purchases 200,000 1.042.100 Determine C) Cost of ending Inventory on July 31 2) Cost of goods sold under FIFO Valuation method (3) Cost of ending Inventory on July 31 under FIFO valuation method
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