Paschal Exports
the Following Data Are Available for One of the Products

question 132

Essay

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