PurchasesCost of SalesInventory BalanceUnitTotalDateUnitsCostCostUnitsJune 1June 3UnitTotalUnitTotalCostCostUnitsCostCost700$8.00$5,6000 $0 $00 $0 $00 $0 $0June 70 $0 $00 $0 $00 $0 $0June 200 $000 $0 $00 $0 $0June 220 $0 $00 $0 $00 $0 $0a. Ending Inventoryb. Cost of goods sold $ALA00 Upland Co.'s inventory records showed the following data accounted for in a perpetual inventory system.UnitDateJune 1Units CostInventory (beg.)700 $8.00June 3Purchases1,400 8.40June 7Sales (at $16 per unit)980952 9.00June 20 PurchasesJune 22 Sales (at $16 per unit) 1,540What is (a) ending inventory on June 30, and (b) cost of goods sold for June, using the FIFO inventory method?•Note: Do not use negative signs with any of your answers.•Note: List the inventory units in chronological order based on their purchase date with beginning inventory, if any, listedfirst.

We will solve this using the FIFO (First-In, First-Out) method under a perpetual inventory system,…

Answered: Purchases Cost of Sales Inventory…

Algebra and Trigonometry (6th Edition)

6th Edition

ISBN:9780134463216

Author:Robert F. Blitzer

Publisher:Robert F. Blitzer

ChapterP: Prerequisites: Fundamental Concepts Of Algebra

Section: Chapter Questions

Problem 1MCCP: In Exercises 1-25, simplify the given expression or perform the indicated operation (and simplify,...

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