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TK Suppliers is a wholesale company. They focus primarily on office supplies, furniture and small electronic items. TK Suppliers uses the perpetual inventory system. For one specific inventory item they had the following transactions for the month of April.
There were 210 items at the beginning of the month, with a cost of $50 each.
Date Transaction Quantity Price
Apr 5 Purchased items 300 $51
Apr 7 Sold items 410
Apr 15 Purchased items 350 $53
Apr 19 Purchased items 440 $49
Apr 27 Sold items 390
Question 1: Calculate the value of COGS for the month of April and the value of ending inventory at the end of April using the FIFO method.
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