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Financial Accounting

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Moderate

Inventory Valuation Periodic FIFO

FINACT-TYRY9A

The inventory records of Martin Corporation reflect the following information for the month of August:

Date Transaction Quantity Unit Cost
8/01/2015 Beginning Inventory 400 \$5
8/03/2015 Purchase #1 400 \$6
8/05/2015 Sale #1 600
8/07/2015 Sale #2 100
8/11/2015 Purchase #2 2,000 \$7
8/17/2015 Sale #3 700
8/21/2015 Sale #4 600
8/28/2015 Sale #5 600
8/29/2015 Purchase #3 1,200 \$9


If Martin uses the periodic inventory system and the FIFO (First-in, First out) valuation method, calculate the following amounts at the end of August: