Question
3: Inventory (10 marks) 30 minutes ABC Company has the following information for the various transactions occurring in April: Required: April 1 Beg. Balance 100
3: Inventory (10 marks) 30 minutes ABC Company has the following information for the various transactions occurring in April: Required: April 1 Beg. Balance 100 units @ $20 10 Purchase 300 units @ $30 15 Sale 250 units @ $50 20 Purchase 200 units @ $40 25 Sale 320 units @ $50 Assume that the company uses the perpetual inventory system: 1. Calculate the Cost of goods sold and the Ending inventory assuming that the company uses: a) The LIFO method b) The moving average method (round your answers to the nearest units) 2. Record the required journal entries on April 10 and April 15 only assuming that the company is using the LIFO method and that all transactions took place on credit
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