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A company sells a single product and had the following beginning inventory, purchases, and sales during March. Number of units Price per unit Beginning Inventory
A company sells a single product and had the following beginning inventory, purchases, and sales during March. Number of units Price per unit Beginning Inventory 20 8 March 6 Purchase 401 10 8 Purchase 501 91 10 Sale 45 13 12 Sale 351 13 30 Purchase 25 7 Calculate Cost of Goods Sold, Revenue, and Ending Inventory under each assumption below: (1) The company uses a perpetual inventory system and determines cost on a FIFO basis. (2) The company uses a perpetual inventory system and determines cost on a weighted average basis. (Round average cost per unit to 2 decimals.)
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