Company A reported that a flood recently destroyed many of their financial records. The entity used average cost inventory valuation. The entity made a physical count at the end of each month in order...

Company A reported that a flood recently destroyed many of their financial records. The entity used average cost inventory valuation.
The entity made a physical count at the end of each month in order to determine monthly ending inventory value.
By examining various documents, the following data are gathered:
Ending inventory at July 31				60,000 units
Total cost of units available for sale in July				1,452,100
Cost of goods sold during July				1,164,100
Cost of beginning inventory, July 1				4.00 per unit
Gross profit on sales for July				935,900
		Units	Unit Cost	Total Cost
5-Jul		55,000	5.1	280,500
11-Jul		53,000	5	265,000
15-Jul		45,000	5.5	247,500
16-Jul		47,000	5.3	249,100
Total purchases		200,000		1,042,100
Determine:
(1) Cost of ending inventory on July 31
(2) Cost of goods sold under FIFO valuation method
(3) Cost of ending inventory on July 31 under FIFO valuation method

Extracted text: Company A reported that a flood recently destroyed many of their financial records. The entity The entity made a physical count at the end of each month in order to determine monthly ending inventory value. By examining various documents, the following data are gathered: Ending inventory at July 31 Total cost of units available for sale in July Cost of goods sold during July Cost of beginning inventory, July 1 Gross profit on sales for July 60,000 units 1,452,100 1,164,100 4.00 per unit 935,900 LITI Units Unit Cost Total Cost July 5 July 11 July 15 July 16 Total purchases 55,000 53,000 45,000 47,000 200,000 280,500 265,000 247,500 249.100 1.042,100 5.1 5 5.5 5.3 Determine: (1) Cost of ending inventory on July 31 (2) Cost of goods sold under FIFO valuation method (3) Cost of ending inventory on July 31 under FIFO valuation method