Curtis Company Uses the FIFO Cost Flow Method in a Perpetual

question 54

Essay

Curtis Company uses the FIFO cost flow method in a perpetual inventory system. The company's inventory records reflect the following for the month of October:
$\begin{array}{llr}\text { October } 1 & \text { Beginning inventory } & 950 \text { units @ } \$ 17.00 \\\text { October } 12 & \text { First purchase } & 800 \text { units @ } \$ 19.00 \\\text { October } 18 & \text { Cash sales } & 1,500 \text { units @ } \$ 36.00\\\text { October } 21 & \text { Second purchase } & 600 \text { units @ } \$ 16.40 \\\text { October } 25 & \text { Third purchase } & 300 \text { units @ } \$ 17.40 \\\text { October } 31 & \text { Cash sales } & 1.000 \text { units } @ \$ 38.00\end{array}$
Required:Calculate the cost of goods sold and the ending inventory for the month ending October 31.

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