Transactions for the month of July for Carla Vista's Bookstore were as follows: July 1 (balance) 8 (a) 22 Purchases 30 Sales 590@ $7.30 July 3 350@ $9.3 1,190@ $7.40 12 890@ $9.55 680 @ $7.60 25 790@ $9.80 210@ $7.75 Assuming that periodic inventory records are kept. Determine the ending inventory and cost of goods sold using FIFO method. (Round a Cost of goods sold Ending inventory $ tA $ tA
Transactions for the month of July for Carla Vista's Bookstore were as follows: July 1 (balance) 8 (a) 22 Purchases 30 Sales 590@ $7.30 July 3 350@ $9.3 1,190@ $7.40 12 890@ $9.55 680 @ $7.60 25 790@ $9.80 210@ $7.75 Assuming that periodic inventory records are kept. Determine the ending inventory and cost of goods sold using FIFO method. (Round a Cost of goods sold Ending inventory $ tA $ tA
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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![Transactions for the month of July for Carla Vista's Bookstore were as follows:
July
(a)
1 (balance)
8
22
Purchases
30
Assuming that periodic inventory records are kept.
590@ $7.30 July
1,190@ $7.40
680 @ $7.60
210@ $7.75
Ending inventory
Cost of goods sold
Determine the ending inventory and cost of goods sold using FIFO method. (Round answers to 2 decimal places, e.g. 52.75.)
$
Sales
$
$9.3
12 890@ $9.55
25 790@ $9.80
3 350 @](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F01059321-62f7-4d81-8da7-5743afd0d69c%2Ff5d1045a-f4c4-43f4-b73e-f26297394433%2Fiudytr4_processed.png&w=3840&q=75)
Transcribed Image Text:Transactions for the month of July for Carla Vista's Bookstore were as follows:
July
(a)
1 (balance)
8
22
Purchases
30
Assuming that periodic inventory records are kept.
590@ $7.30 July
1,190@ $7.40
680 @ $7.60
210@ $7.75
Ending inventory
Cost of goods sold
Determine the ending inventory and cost of goods sold using FIFO method. (Round answers to 2 decimal places, e.g. 52.75.)
$
Sales
$
$9.3
12 890@ $9.55
25 790@ $9.80
3 350 @
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