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

question 149

Essay

Paschal Exports
The following data are available for one of the products sold by Paschal Exports,which uses a perpetual inventory system.
 July 1 Beginning inventory, 1,000 wits at $2 each $2,0005 Purchased 2,000 units at $2.75 each 5,50010 Sold 2,500 units for $16 each 15 Purchased 2,000 units at $4 each 8,00025 Sold 1, 500 units for $12 each 31 Ending inventory, 1,000 units \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 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?

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