Q1) OJU Company utilizes periodic inventory system and applied FIFO inventory costing. At the end of annual accounting period, December 31, 20D, accounting records for the best selling items in inventory showed:
| Transactions |
Units |
Unit Cost |
| Beginning inventory, Jan. 1, 20D |
200 |
$1 |
| 1.Purchase,Feb.1 |
400 |
12 |
| 2.Sale, March15 (sold at $20 each) |
(300) |
|
| 3.Purchase May 15 |
350 |
14 |
| 4.Sale, July 31(sold at $25 each) |
(500) |
|
Find out the following (show computations and round to the nearest dollar):
Goods available for sale:$
Ending inventory:$
Cost of goods sold:$