Consider the following inventory information:

The company uses a periodic inventory system. The year-end inventor}' count indicated 2,500 units in inventory.
Required:
Using the first-in, first-out (FIFO) method, compute the amount of cost of goods sold for the year and the cost of inventory on December 31.

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Total cost Beginning inventory, January 1 Purchase, March Purchase, July Purchase, October Goods available for sale # units 2,000 3,000 2,000 4,000 11,000 Cost per unit S12.50 S12.00 S13.50 $11.00 S 25,000 36,000 27,000 44.000 $132,000