The beginning inventory of merchandise at Tschabold 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 $310,000 at the end of June.

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Number Per Transaction of Units Unit Date Total $90,000 150,000 220,000 315,000 157,500 32.000 972,500 May 5 Inventory 60 30 100 60 30 180 90 $1,500 5,000 2,200 5,250 5,250 2,400 5,250 19 Sale 28 Purchase Jun. 5 Sale 16 Sale 21 Purchase 28 Sale