The perpetual inventory system is used by Spurs Inc. You have been given the following information for the month of July:

01-Jul The beginning inventory consists of 200 Units at a total cost of $3,500, or $17.50 per unit

01-Jul Purchase of 600 units @ $18.25 per unit 04-Jul Purchase of 400 units @ $16.75 per unit

10-Jul Sale of 150 Units @ sales price of $75 per unit

17-Jul Purchase of 100 units @ 17.00 per unit

22-Jul Sale of 550 Units @ sales price of $80 per unit

28-Jul Sale of 500 Units @ sales price of $82.50 per unit

Instructions

1. Using the Weighted Average method, what is the Value of the inventory at July 17?

2. Record the journal entry, in good form, for the July 1st purchase

3. Record the journal entry, in good form, for the July 22nd sale

4. What is the total COGS for the month of July?