Problem: Tamarisk Company uses a periodic inventory system. For April, when the company sold 650 units, the following information is available.
|
|
Units
|
Unit Cost
|
Total Cost
|
|
April 1 inventory
|
350
|
$24
|
$8,400
|
|
April 15 purchase
|
370
|
29
|
10,730
|
|
April 23 purchase
|
280
|
31
|
8,680
|
|
|
1,000
|
|
$27,810
|
Required: Compute the April 30 inventory and the April cost of goods sold using the FIFO method.
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