Spilly Ltd. uses the periodic inventory system and applied FIFO inventory costing. At the end of the
Question:
Spilly Ltd. uses the periodic inventory system and applied FIFO inventory costing. At the end of the annual accounting period, December 31, 2024, the accounting records for the best selling item in inventory showed:
Transactions Units Unit Cost
Beginning inventory, Jan. 1, 2024 400 $18
Purchase, Feb. 1 1,000 21
Sale, March 15 (sold at $26 each) (800)
Purchase, May 15 500 24
Sale, July 31 (sold at $35 each) (400)
Required: Determine the following (show detailed computations to support your answer) (round to nearest dollar):
Goods available for sale ______
Ending inventory value ______
Cost Of Goods Sold ______