Q1) OJU Company uses periodic inventory system and applied FIFO inventory costing. At the end of annual accounting period, December 31, 20D, accounting records for 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 (illustrate computations and round to the nearest dollar):
Goods available for sale:
Ending inventory:
Cost of goods sold: