Reference no: EM132614830

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

Problem 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.