Problem
Digital Enterprises uses a perpetual inventory system and has the following data available from inventory, purchases, and sales for the month of January.
|
Date
|
Activity
|
Units
|
Purchase Price (per unit)
|
Sale Price (per unit)
|
|
Jan. 01
|
Beg. Inventory
|
110
|
$4.83
|
|
|
Jan. 07
|
Purchase 1
|
460
|
$5.33
|
|
|
Jan. 16
|
Sale 1
|
330
|
$9.45
|
|
|
Jan. 24
|
Purchase 2
|
580
|
$5.7
|
|
|
Jan. 30
|
Sale 2
|
290
|
$11
|
|
Using the FIFO inventory method calculate the total cost of goods sold for the month. Please round total cost to nearest whole dollar.