Question - Indigo Limited uses a perpetual inventory system. The inventory records show the Following data for its first month of operations:
|
Date
|
Explanation
|
Units
|
Unit Cost
|
Total Cost
|
Balance in Units
|
|
Aug. 2
|
Purchases
|
249
|
$72
|
$17,928
|
249
|
|
Aug. 3
|
Purchases
|
505
|
96
|
48,480
|
754
|
|
Aug. 10
|
Sales
|
(288)
|
|
|
466
|
|
Aug. 15
|
Purchase
|
862
|
125
|
107,750
|
1,328
|
|
Aug. 25
|
Sales
|
(319)
|
|
|
1,009
|
Required - Calculate the cost of goods sold and ending inventory using the FIFO cost method.