Brief Exercise 6-6 (Part Level Submission) Monty Limited uses a perpetual invent

Question

Brief Exercise 6-6 (Part Level Submission) Monty Limited uses a perpetual inventory system. The inventory records show the following data for its first month of operations: Date Explanation Units Unit Cost Total Cost Balance in Units 240 746 447 1,318 983 240 506 (299) 871 (335) $73 $17,520 48,576 Aug. 2 Purchases 96 3 Purchases 10 Sales 15 Purchases 25 Sales 115 100,165 (a) Your answer is incorrect. Try again Calculate the cost of goods sold and ending inventory using the FIFO cost method Cost of goods sold Ending inventory $

Explanation / Answer

Calculate cost of goods sold and ending inventory :

Cost of goods sold (240*73+59*96+335*96) 55344 Ending inventory (871*115+112*96) 110917

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