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.
$\begin{array}{lllr} \text { July } &1& \text { Beginning inventory, } 1,000 \text { wits at } \$ 2 \text { each } & \$ 2,000 \\&5 & \text { Purchased } 2,000 \text { units at } \$ 2.75 \text { each } & 5,500 \\&10 & \text { Sold } 2,500 \text { units for } \$ 16 \text { each } & \\&15 & \text { Purchased 2,000 units at } \$ 4 \text { each }&8,000 \\&25 & \text { Sold 1, } 500 \text { units for } \$ 12 \text { each } \\&31 & \text { Ending inventory, } 1,000 \text { units }\end{array}$
-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?

• A)Cost of goods sold for the units sold on July 10th?
• B)Ending inventory on July 31st?

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Definitions:

Position

one's status, rank, or standing in a social or professional context, or the placement or arrangement in a physical space.

Time Periods

Distinct intervals into which time is divided for the purpose of historical or scientific analysis.

Personality Change

The alteration or development in an individual's personality attributes over time, potentially due to experiences or circumstances.

Collective Unconscious

A concept introduced by Carl Jung that describes the segment of the subconscious mind originating from inherited memories and experiences shared across the human race.