Use the Information That Follows Concerning Yarley's Gift Store to Answer

question 19

Essay

Use the information that follows concerning Yarley's Gift Store to answer problems
Grandma's Gift Store uses the periodic inventory method. nventory and purchase information for July is as follows:
$\begin{array}{llc}\text { July 1 } & \text { Beginning inventory } & 500 @ \$ 4 \\\text { July 10 } & \text { Purchase } & 800 @ \$ 5 \\\text { July 31 } & \text { Ending inventory } & 300\end{array}$

-Grandma's Gift Store uses the Average cost flow assumption. Calculate its cost of goods sold for July and its inventory at July 31. Round average cost per unit to 3 decimal places.

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Definitions:

Intersection

The point at which two or more lines, paths, or roads meet or cross each other.

Science

The systematic study of the structure and behavior of the physical and natural world through observation and experiment.

Gibbons v. Ogden

A landmark 1824 Supreme Court case that held the power to regulate interstate commerce was granted to Congress by the Commerce Clause of the U.S. Constitution.

Commerce

Trade among the several states or between any foreign country and any state or territory.