Problem -
During 2018, a company sells 25 units of inventory. The company has the following inventory purchase transactions for 2018:
|
Date
|
Transaction
|
Number of units
|
Unit Cost
|
Total Cost
|
|
Jan. 1
|
Beginning inventory
|
14
|
$52
|
$728
|
|
Sep. 8
|
Purchase
|
15
|
54
|
810
|
|
|
|
29
|
|
$1,538
|
Required - Calculate ending inventory and cost of goods sold for 2018 assuming the company uses FIFO with a periodic inventory system.