Determine the companys cost of goods sold

Reference no: EM132747901

Question: Samuel's Manufacturing (SM) began October with merchandise inventory of 60 chairs that cost a total of $43,500. During the month, SM purchased and sold merchandise on account as follows:

Oct 7
Purchase
30 chairs @ $750 each

14
Sale
40 chairs @ 1,200 each

18
Purchase
50 chairs @ $775 each

27
Sale
45 chairs @ $1,200 each

Prepare a perpetual inventory record, using the FIFO inventory costing method, and determine the company's cost of goods sold (COGS), and ending merchandise inventory.

Reference no: EM132747901

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