The beginning inventory of merchandise at Jackson Co. and data on purchases and sales for a two-month period are as follows:

Instructions
1. Record the inventory, purchases, and cost of goods sold data in a perpetual inventory record similar to the one illustrated in Exhibit 3, on page 310, using the FIFO method.
2. Determine the total sales and the total cost of goods sold for the period. Journalize the entries in the sales and cost of goods sold accounts. Assume that all sales were on account.
3. Determine the gross profit from sales for the period.
4. Determine the ending inventory cost.
5. Record the entry necessary when the inventory count is $12,600 at the end of June.

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Number Per Unit Date Transaction of Units 70 50 10 150 90 40 100 Total May 5 Inventory 8 Sale 16 Sale $1,300 91, DOD 217,500 43,500 4,350 4,350 1,500 225,000 4,700 1,600 4,400 21 Purchase Jun 3 Sale 10 Purchase 23 Sale 423,D00 64,DOD 40, DOD