The Mistry Company has the following sales, inventory, and purchases during the fiscal year ended December 31, 2023.

Mistry Company uses a perpetual inventory system.

Required
1. Calculate the dollar value of ending inventory and cost of goods sold using:
a. FIFO
b. Moving weighted average method. Round all unit costs to two decimal places.
2. Using your calculations from Part 1, complete the following schedule:

Analysis Component:
How would the gross profits calculated in Part 2 above change if Mistry Company had been experiencing increasing prices in the purchase of additional inventory?

Transcribed Image Text:

Beginning inventory... Feb. 20 sold.......... Apr. 30 purchased..... Oct. 5 purchased... Oct. 10 sold........ 180 units @ $30/unit 145 units @ $40/unit 315 units @ $29/unit .225 units @ $25/unit 540 units @ $40/unit