Calculate cost of goods sold and ending inventory: periodic FIFO. (LO 3,4)
Radio Tech. Sales & Service Inc. began the month of April with three top-of-the-line radios in inventory, Model # RD58V6Q; each unit cost $235. During April, nine additional radios of the same model were purchased.
| April 9 | Purchased three units at $230 each |
| April 11 | Sold five units at $350 each |
| April 17 | Purchased two units at $195 each |
| April 18 | Sold one unit at $350 |
| April20 | Sold two units at $350 each |
| April 28 | Purchased four units at $180 each |
Assume Radio Tech. uses a periodic inventory system and the FIFO cost flow method.
a. Calculate the cost of goods sold that will appear on Radio Tech.’s income statement for the month of April.
b. Determine the cost of inventory that will appear on Radio Tech.’s balance sheet at the end of April.
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