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Determine the total cost of goods sold for the month of July

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Reference no: EM133113802

Question - ABC Inc. uses the FIFO cost formula in a perpetual inventory system.

Jul 1 Beginning inventory 20 units @ $19 per unit

Jul 7 Purchases 70 units @ $20 per unit

Jul 8 Sales 50 units

Jul 9 Sales 25 units

Jul 10 Purchases 50 units @ $22 per unit

Jul 22 Sales 40 units

Required - Determine the total cost of goods sold for the month of July?

Reference no: EM133113802

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