The Singh Bamboo Company has the following sales, inventory, and purchases during the fiscal year ended December 31, 2020.

Singh Bamboo 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 Singh Bamboo Company had been experiencing increasing prices in the purchase of additional inventory?

Transcribed Image Text:

Beginning inventory. March 10 purchased March 20 sold. April 30 purchased. July 5 purchased. September 15 sold.. 290 units $ 82/unit $ 86/unit $162/unit $ 80/unit $ 66/unit $162/unit .... 205 units 370 units 281 units 255 units 510 units ......... в Moving Weighted Average FIFO Sales. Cost of goods sold.. Gross profit.