Bianca has the following inventory, purchases, and sales data for the month of March. The physical inventory
Question:
Bianca has the following inventory, purchases, and sales data for the month of March. The physical inventory count on March 31 shows 500 units on hand. Inventory:
March 1 200 units @ $4.00 $ 800 Purchases:
March 10 500 units @ $4.50 2,250
March 20 400 units @ $4.75 1,900
March 30 300 units @ $5.00 1,500 Sales:
March 15 500 units March 25 400 units
Required:
1. Under a periodic inventory system, determine the cost of inventory on hand at March 31 and the cost of goods sold for March under (a) FIFO and (b) average-cost.
2. Under a perpetual inventory system, determine the cost of inventory on hand at March 31 and the cost of goods sold for March under (a) FIFO and (b) average-cost
Financial Accounting
ISBN: 978-1305088436
14th edition
Authors: Carl S. Warren, Jim Reeve, Jonathan Duchac