Question
Wrapped Up sells medical support products and records purchases and net amounts. It accounts for its inventory using the periodic inventory system. In 2018, the
Wrapped Up sells medical support products and records purchases and net amounts. It accounts for its inventory using the periodic inventory system. In 2018, the following information was available from the companys inventory records for ankle support products.
Date | Purchases | Sales | Balance | ||||
Quantity | Cost | Quantity | Cost | Quantity | Cost | ||
Jan 1 | 1900 | $18 | |||||
Jan 5 | 2300 | $21 | 2300 | $21 | |||
Jan 25 | 2700 | $23 | 2700 | $23 | |||
Feb 16 | 600 | $24 | 600 | $24 | |||
Mar 15 | 1800 | $25 | 1800 | $25 |
A physical count was taken on March 31 and showed 2,200 units on hand.
Required
Do not enter dollar signs or commas in the input boxes.
Assume the company uses the FIFO cost method. Calculate the cost of goods sold, and the value of ending inventory on March 31.
Ending Inventory = $Answer
Cost of Goods Sold = $Answer
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