2. Swift Current Company sells bicycle accessories. For one of the products, safety reflectors, they have the following inventory transactions. For the month of July, what would be the Cost of Goods Sold and ending balance of Merchandise Inventory under the first-in, first-out method. Assuming the perpetual method, show a proper inventory schedule. Note that the question gives you enough information to caclulate all three methods - you may not need to use all information! Show all your work. (10 marks)

Date:

Jul

Jul

Jul

Jul

Jul

Jul

Jul

Jul

Jul

Transaction

1

Opening balance

3

Purchase

6

Purchase

9 Sale

12 Purchase

16

Purchase

20

Purchase

24

Sale

31 Ending

Units

Cost/Unit

S

53

16

58

109

21

32

19

59

???

$

$

5.63

6.19

6.47

7.32

7.60

7.04

July 9 sale consists of:

49 units from the opening inventory

13 units from the Jul 3 purchase.

47 units from the Jul 6 purchase.

July 24 sale consists of:

17 units from the Jul 12 purchase.

26 units from the Jul 16 purchase.

16 units from the Jul 20 purchase.

2. Swift Current Company sells bicycle accessories. For one of the products, safety reflectors, they have the following inventory transactions. For the month of July, what would be the Cost of Goods Sold and ending balance of Merchandise inventory under the first-in, first-out method. Assuming the perpetual method, show a proper inventory schedule. Note that the question gives you enough information to caclulate all three methods - you may not need to use all information! Show all your work. (10 marks) July 9 sale consists of: 49 units from the opening inventory. 13 units from the Jul 3 purchase. 47 units from the Jul 6 purchase. July 24 sale consists of: 17 units from the Jul 12 purchase. 26 units from the Jul 16 purchase. 16 units from the Jul 20 purchase