The Following Data Are Available for One of the Products

question 230

Essay

The following data are available for one of the products sold by Paschal Exports, which uses a perpetual inventory system. $\begin{array}{llr}\text { July } 1& \text { Beginning inventory, } 1,000 \text { units at } \$ 2 \text { each } & \$ 2,000 \\5 & \text { Purchased } 2,000 \text { units at } \$ 2.75 \text { each } & 5,500 \\10 & \text { Sold } 2,500 \text { units for } \$ 16 \text { each } & \\15 & \text { Purchased } 2,000 \text { units at } \$ 4 \text { each } & 8,000 \\25 & \text { Sold } 1,500 \text { units for } \$ 12 \text { each } & \\31 & \text { Ending inventory, } 1,000 \text { units } &\end{array}$

-Refer to the information provided for Paschal Exports.If the LIFO 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

• A)cost of goods sold for the units sold on July 10th
• B)ending inventory on July 31st

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Definitions:

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