Problem 6-67A Inventory Costing Methods

Anderson's Department Store has the following data for inventory, purchases, and sales of merchandise for December:

Activity	Units		Purchase Price (per unit)		Sale Price (per unit)
Beginning inventory	10		$8.00
Purchase 1, Dec. 2	22		8.80
Purchase 2, Dec. 5	26		9.05
Sale 1, Dec. 7	19				$20.00
Sale 2, Dec. 10	25				20.00
Purchase 3, Dec. 12	12		9.80
Sale 3, Dec. 14	20				20.00

Anderson's uses a perpetual inventory system. All purchases and sales were for cash.

Required:

Question Content Area

1. Compute cost of goods sold and the cost of ending inventory using FIFO. If required, round your answers to the nearest cent.

Cost of goods sold	$
Cost of ending inventory	$