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Assume shin uses a periodic system and fifo use the

Question - Shin Company sells one product. Presented below is information for January for Shin Company.

Jan. 1 Inventory 300 units at $10 each

4 Sale 240 units at $16 each

11 Purchase 450 units at $12 each

13 Sale 360 units at $17.50 each

20 Purchase 480 units at $14 each

27 Sale 300 units at $18 each

1. Assume Shin uses a periodic system and FIFO. Use the information above to determine the ending inventory and cost of goods sold as of January 31st.

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Accounting Basics: Assume shin uses a periodic system and fifo use the

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