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Question - Ihub Ltd carries an inventory of a type of electrical device for electrician. The store uses the FIFO method and a perpentual inventory system. Business records indicate the following transactions for the device.
July 1 (beginning): the store had 100 units of device costing $15 each
July 10: 150 devices were purchased each costing $19
July 15: 121 devices were sold
July 22: 400 devices were bought for $26 each.
July 30: 240 devices were sold.
Required - Determine the cost of sales for the month of July that Ihub Ltd should report using the FIFO method.
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