Assume a Championship outlet store began January 2010 with 50 units of inventory that cost $19 each. The sale price of these units was $71. During January the store completed these inventory transactions:

Requirements
1. Determine the stores cost of goods sold for January under the periodic inventory system. Assume the FIFO method.
2. Compute gross profit forJanuary.

Transcribed Image Text:

Unit Cost $19 19 Units Units Sale Price $71 73 71 73 73 74 73 Jan 3 Sale.17 19 24 30 31 Sale... 33 Sale.. Sale. Purchase.... 19 Sale. 39 21 20