Valley Soap's inventory (for one item) activity for April is shown below.

Valley Soap uses a perpetual inventory system:

Date Transaction Units Unit cost
1 April Beginning inventory 14 $3.8
7 April Purchase 47 $3.3
9 April Sale 37
14 April Purchase 54 $3.9
30 April Sale 27

Required:

Calculate the ending inventory and cost of each sale under the FIFO method.
 

Calculate the ending inventory and cost of each sale under the weighted average method. 

Answer rating: 100% (QA)

Cost of ending inventory and cost of each sale under the FIFO method Purchases Cost o... View the full answer