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questionquestion digital enterprises uses a perpetual inventory system and has the f 4277094

QuestionQuestion

Digital Enterprises uses a perpetual inventory system and has the following data available from inventory, purchases, and sales for the month of January.

Date

Activity

Units

Purchase Price (per unit)

Sale Price (per unit)

Jan. 01

Beg. Inventory

110

$4.83

Jan. 07

Purchase 1

460

$5.33

Jan. 16

Sale 1

330

$9.45

Jan. 24

Purchase 2

580

$5.7

Jan. 30

Sale 2

290

$11

Using the FIFO inventory method calculate the total cost of goods sold for the month. Please round total cost to nearest whole dollar.

Date

Activity

Units

Purchase Price (per unit)

Sale Price (per unit)

Jan. 01

Beg. Inventory

110

$4.83

 

Jan. 07

Purchase 1

460

$5.33

 

Jan. 16

Sale 1

330

 

$9.45

Jan. 24

Purchase 2

580

$5.7

 

Jan. 30

Sale 2

290

 

$11

 

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