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Question :
Wholesaler Entity (Wholesaler) is a supplier for many retail companies. Wholesaler uses a perpetual inventory system and the FIFO cost formula. The table below represents all inventory-related transactions for a certain product during the month of January. Assuming Wholesaler had 300 units in beginning inventory with a total cost of $1,500. Calculate the value of ending inventory and cost of goods sold for January.
Date Transaction Units Unit cost
3 January Sold 100 7 January
Purchased 150 6 15 January
Sold 200 21 January Purchased
500 7 27 January Sold 150
Do you know the answer and how to calculate this for number 3?
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