Problem - ZZ, Inc. employs a periodic inventory system and had the following inventory information for the month of July:
July 1 Beginning inventory 200 units @ $5 cost per unit
July 7 Purchased 300 units @ $5.30 cost per unit
July 12 Sold 180 units
July 17 Purchased 100 units @ $5.80 cost per unit
July 19 Sold 120 units
July 23 Purchased 400 units @ $6.50 cost per unit
July 27 Sold 250 units
July 29 Purchased ??? units @ $5.20 cost per unit
For July, ZZ, Inc. reported an inventory turnover ratio of 1.20.
Assume ZZ, Inc. uses the FIFO inventory costing method. Calculate the number of units ZZ, Inc.purchased on July 29.