A company reported the current month purchase and sales data for its only product and uses the perpetual inventory system Determine the cost assigned to ending inventory and cost of goods sold using FIFO Date Activities Units Acquired at Cost Units Sold at Retail April 1 Beginning Inventory 175 units $15 00 4 Purchase 150 units $16 00 7 Sales 160 units $30 00 10 Purchase 200 units $17 00 16 Sales 250 units $30 00 25 Purchase 160 units $18 00 28 Sales 150 units $32 00

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Question: A company reported the current month purchase and sales data for its only product and uses the perpetual inventory system. Determine the cost assigned to

A company reported the current month purchase and sales data for its only product and uses the perpetual inventory system. Determine the cost assigned to ending inventory and cost of goods sold using FIFO.

Date	Activities	Units Acquired at Cost	Units Sold at Retail
April 1	Beginning Inventory	175 units @ $15.00
4	Purchase	150 units @ $16.00
7	Sales		160 units @ $30.00
10	Purchase	200 units @ $17.00
16	Sales		250 units @ $30.00
25	Purchase	160 units @ $18.00
28	Sales		150 units @ $32.00

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