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

question 7

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 FIFO cost flow assumption. Calculate its cost of goods sold for the month of July and its ending inventory at July 31.

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