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A company had the following transactions pertaining to Product A, there was no beginning inventory balance. Date Activity Units acquired at cost Units Sold May
A company had the following transactions pertaining to Product A, there was no beginning inventory balance. Date Activity Units acquired at cost Units Sold May 1 Purchase 380 units@$ 15 May 5 Purchase 270 units @ $17 May 10 Sale 400 units May 20 Purchase 300 units@ $22 May 25 Sale 400 units Prepare calculations showing the amounts that should be assigned to the ending inventory and to cost of goods sold assuming a FIFO cost basis
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