1.)Calculate cost of goods sold for the sale that occurred on 8/20/X3.

2.)Calculate the ending inventory balance at 12/31/X3 in dollars.

3.)Calculate the ending inventory balance at 12/31/X3 in units.

Complete the missing items in the Cost of Goods Sold Formula:

Beginning of period inventory

Plus: Purchases

4.)Equals __________________________

5.)Less: ___________________________

Equals: Cost of Goods Sold

6.)In times of rising prices which inventory method will produce the highest cost of goods sold?

Calculating Weighted Average Unit Cost Under the Perpetual System of Inventory Gentry Corporation has the following information: Beginning of year units of Inventory 102,000 Beginning of year dollar cost of Inventory $ 3.54 Arrive at Warehouse Units Sold 1/22/X3 1,580 Purchases 2/15/X3 fob destination 2/18/X3 13,400 at $ 6.33 each Purchases 6/23/X3 fob destination 7/1/X3 2,650 at $ 7.89 each Units Sold 8/20/X3 3,800 Purchases 12/27/X3 fob destination 176/X4 10,100 at $ 9.00 each Units Sold 12/31/X3 8,000 Units Purchased Purchased At Cost of Purchase Cost of Sale Balance In $ In Units Sold Sold At WACU Date BOY Inventory 1/22/X3 2/18/X3 6/23/X3 8/20/X3 12/27/X3 12/31/X3 TOTAL COST OF GOODS SOLD TOTAL ENDING INVENTORY