Computation of Beginning Inventory from Ending Inventory
The Killpack Company sells product N. During a move to a new location, the inventory records for product N were misplaced. The bookkeeper has been able to gather some information from the sales records and gives you the data shown below.
July sales:
57,200 units at $10.00
July purchases:
|
Date |
|
Quantity |
Unit Cost |
|
July |
5 |
10,000 |
$650 |
|
|
9 |
12,500 |
625 |
|
|
12 |
15,000 |
600 |
|
|
25 |
14,000 |
620 |
On July 31, 16,000 units were on hand with a total value of $98,800. Killpack has always used a periodic FIFO inventory costing system. Gross profit on sales for July was $205,875. Reconstruct the beginning inventory (quantity and dollar value) for the month of July.