An inventory record card for item T-389 shows the following details in 2019. Date Purchases Sales Balance Quantity Cost Quantity Cost Quantity Cost Nov 1 65 $72 Nov 3 120 $60 65 $72 120 $60 Nov 14 65...

The company uses the FIFO cost method for inventory valuation under the perpetual inventory system. Calculate the cost of goods sold for the month, and the value of ending inventory on November 25.

Extracted text: An inventory record card for item T-389 shows the following details in 2019. Date Purchases Sales Balance Quantity Cost Quantity Cost Quantity Cost Nov 1 65 $72 Nov 3 120 $60 65 $72 120 $60 Nov 14 65 $72 $60 $60 20 $60 100 Nov 24 41 $76 100 41 $76 Nov 25 90 $60 10 $60 41 $76