B) Freefire. Co. Ltd provides you the following details of inventory for the year 2022.
Jan 1: Beginning inventory 600 units $20 each
March 15:Purchase 800 units $22 each
July: 25 Purchase 1,000 units $18 each
Dec 10: Purchase 400 units $24 each
: At the end of December 500 units were on hand.
You are required to calculate the following under FIFO method using periodic inventory system.
a) Cost of goods available for sale
b) Cost of goods sold
c) Value of ending inventory,
