Randolph Company is a retailer that sells appliances to institutions such as schools, universities, and state governments. During the month of January, Randolph Company recorded the following information:
|
Units |
Unit Cost |
Total Cost |
|
|
January 1 inventory |
550 |
$300 |
$165,000 |
|
Purchases January 5 |
100 |
305 |
30,500 |
|
Sales January 7 |
300 |
||
|
Purchases January 10 |
600 |
310 |
186,000 |
|
Sales January 31 |
500 |
Assuming Randolph Company uses a perpetual FIFO inventory system, determine the cost of goods sold and value of the ending inventory.