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Calculate Jessie inventory on December

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Problem - Jessie Stores uses the periodic system of calculating inventory. The following information is available for December of the current year when Jessie sold 500 units of inventory.

 

Units

Cost/Unit

Total Cost

Inventory, Dec. 1

300

250

$ 75,000

Purchases, Dec. 8

600

275

165,000

 

900

$240,000

Using the FIFO method, calculate Jessie's inventory on December 31 and its cost of goods sold for December.

Reference no: EM132882739

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