Van Dyke Company reported the following July purchases and sales data. They also had 22 units @ $21 per unit at the beginning of July. The company uses a perpetual inventory system.
| Date | Purchases | Sales | |||||
| Units | Cost/Unit | Total Cost | Units | ||||
| July 1 | Beginning Inventory | 22 | $21 | = | $462 | ||
| July 3 | Purchase | 8 | $20 | = | $160 | ||
| July 8 | Sale | 12 | |||||
| July 12 | Purchase | 7 | $26 | = | $182 | ||
| July 17 | Purchase | 12 | $22 | = | $264 | ||
| July 23 | Sale | 26 | |||||
| July 31 | Purchase | 10 | $24 | = | $240 | ||
| Totals | 59 | $1,308 | |||||
Create a perpetual inventory record assuming FIFO inventory costing and compute the cost of goods sold (COGS) and ending inventory for Van Dyke Company assuming the FIFO costing method.
| Purchases | Cost of Goods Sold | Inventory on Hand | |||||||
|---|---|---|---|---|---|---|---|---|---|
| Dates | Quantity | Unit Cost | Total Cost | Quantity | Unit Cost | Total Cost | Quantity | Unit Cost | Total Cost |
| July 1 | |||||||||
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| July 31 | |||||||||
Cost of Goods Sold: $
Ending Inventory: $