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question the following data are available for one of the products sold bypaschal exp 4290231

Question

The following data are available for one of the products sold byPaschal Exports, which uses a perpetual inventory system.

July     1          Beginninginventory, 1,000 units at $2 each    

            5          Purchased2,000 units at $2.75each      

            10        Sold2,500 units for $16each                 

            15        Purchased2,000 units at $4each            

            25        Sold1,000 units for $12 each

Required:  If the FIFO method ofinventory costing is used, determine the Cost of goods sold forJuly and the ending inventory for July. Make sure you showyour calculations.

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