which uses the FIFO method, began July with 180 units of inventory that cost $46 each. During July, Blackbur

completed these inventory transactions:

unit. unit cost unit sale price

july 2 purchase 48 66

8 sale 144 144

17 purchase 104. 76

22. sale. 130 162

Requirement 1. Prepare a perpetual inventory record for the lawn supply merchandise.Use the FIFO method.

Fertilizer
	Purchases	Cost of Goods Sold	Inventory on Hand
Date	QTY	Unit Cost	Tot. Cost	QTY	Unit Cost	Tot. Cost	QTY	Unit Cost	Tot. Cost
July 1
July 2
July 8
July 17
July 22
Ending

Part 2 Requirement 2. Determine

Blackburn's

cost of goods sold for July.

The cost of goods sold is

.

Part 3Requirement 3. Compute gross margin for

July.

Sales

-

Cost of goods sold

=

Gross margin