DaveDave

Company's inventory records for its retail division show the following at

OctoberOctober

31:

At

OctoberOctober

31,

99

of these units are on hand.

Journalize the following for

DaveDave

Company under the perpetual system:

1.	Total OctoberOctober purchases in one summary entry. All purchases were on credit.
2.	Total OctoberOctober sales and cost of goods sold in two summary entries. The selling price was $ 530$530 per unit, and all sales were on credit. Assume that DaveDave uses the FIFO inventory method.
3.	Under FIFO, how much gross profit would DaveDave earn on for the month ending OctoberOctober 31? What is the FIFO cost of DaveDave Company's ending inventory?

Oct 1 Beginning inventory 6 units @ $ 165 = $ 990 15 Purchase 5 units @ 166 = $ 830 26 Purchase 10 units @ 175 = $ 1,750