The following data are available for one of the products sold by Paschal Exports, which uses a perpetual inventory system. 
-Refer to the information provided for Paschal Exports. If the FIFO method of inventory costing is used, determine the following amounts:
A) Cost of goods sold for the units sold on July 10th
B) Ending inventory on July 31st
Definitions:
Price Falls
A situation where the market price of a good or service decreases due to factors such as increased supply or decreased demand.
Midpoint Formula
A method used in economics to calculate the elasticity of demand or supply by taking the average of the starting and ending prices and quantities.
Hot Dogs
A cooked sausage served in a sliced bun and often topped with condiments, considered a staple of American fast food.
Price Elasticity
The degree to which consumer demand for a merchandise shifts in response to its price alteration.
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