Chapters, a bookseller, had the following transactions during the month of July $2022$ and uses the perpetual inventory system.

Date Transaction Purchases Sales Balance

Quantity Cost Quantity Cost Quantity Cost

Jul $10$ $$0$

Jul $1$ Bought $20$ novels at $$32$ each. $20$ $$3220$ $$32$

Jul $2$ Bought $25$ bags at $$47$ each. $20$ $$32$

$25$ $$4725$ $$47$

Jul $9$ Sold $9$ novels. $9$ $$3211$ $$32$

$25$ $$47$

Jul $20$ Bought $22$ pencil cases at $$8$ each. $11$ $$32$

$25$ $$47$

$22$ $$822$ $$8$

Jul $23$ Sold $10$ bags. $11$ $$32$

$10$ $$4715$ $$47$

$22$ $$8$

$$ 

 

Required

The company uses the specific identification cost method for inventory valuation. Calculate the cost of goods sold, and the value of ending inventory on July $23.$

Do not enter dollar signs or commas in the input boxes.

Cost of Goods Sold $=$ $Answer

Ending Inventory $=$ $Answer

Answer rating: 100% (QA)

To calculate the cost of goods sold COGS and the value of ending inventory on July 23 using the spec... View the full answer