Chapter 6, Problem 6.11SE

Use the following information to answer Short Exercises S6A-11 through S6A-13.

The periodic inventory records of Cambridge Prosthetics indicate the following for the month of July:

Jul. 1	Beginning merchandise inventory	18 units@$ 55 each
8	Purchase	15 units @ $ 60 each
15	Purchase	12 units@$ 61 each
26	Purchase	11 units @ $ 62 each

At July 31, Cambridge counts nine units of merchandise inventory on hand.

Computing periodic inventory amounts-FIFO

Compute ending merchandise inventory and cost of goods sold for Cambridge using the FIFO inventory costing method.