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Using fifo method calculate cost of goods sold

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Reference no: EM131793092

Selbe Inc. is a retailer using the perpetual inventory method. All sales returns from customers result in the goods being returned to inventory. (Assume that the inventory is not damaged.) Assume that there are no credit transactions; all amounts are settled in cash. You are provided with the following information for Selbe Inc. for the month of January.

Date Description Quantity Unit Cost or
Selling Price
Dec. 31 Ending inventory 164 $21
Jan. 2 Purchase 98 23
Jan. 6 Sale 182 40
Jan. 9 Sale return 8 40
Jan. 9 Purchase 71 28
Jan. 10 Purchase return 17 28
Jan. 10 Sale 50 50
Jan. 23 Purchase 106 28
Jan. 30 Sale 127 50

Using FIFO method, calculate (i) cost of goods sold, (ii) ending inventory, and (iii) gross profit. (Assume sales returns had a cost of $21 and purchase returns had a cost of $28.)

 

Reference no: EM131793092

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