Question

Martinez Company had the following information for the year ending December 31: Additional Resources Units Unit...

Martinez Company had the following information for the year ending December 31:

Additional Resources

Units Unit Cost
Beginning inventory

290

$45
Purchase: April 6

340

43
Sale: May 4

240
Purchase: July 19

590

40
Sale: September 9

450
Purchase: October 10

100

35

Martinez uses the perpetual inventory system and the FIFO method.

Required:

Using FIFO

(a) Compute the cost of ending inventory.

(b) Compute the cost of goods sold for the year.

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