Enviro Systems keeps perpetual inventories on energy- efficient stoves, using the first- in, first- out method. Determine the cost of goods sold in each sale and the inventory balance after each sale by completing the inventory record card (omitting the sales column) for the following purchases and sales of energy- efficient stoves:
Jan. 1 Inventory of 40 units @ $ 415 each.
25 Sold 14 units.
Mar. 4 Purchased 20 units @ $ 420 each.
15 Sold 12 units.
June 5 Sold 12 units.
22 Purchased 20 units @ $ 422 each.