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A Company sells many products. A Sound is one of its popular items. Below is an analysis of the inventory purchases and sales of the
A Company sells many products. A Sound is one of its popular items. Below is an analysis of the inventory purchases and sales of the Sound for the month of September. The Company uses the perpetual inventory system. Purchases Units Unit Cost 600 $40 100 60 Units Sales Selling Price/Unit Sept 190 $80 1 3 4 10 16 19 100 66 Beginning inventory Purchase Sales Purchase Sales Sales Sales Purchase 275 220 75 120 120 120 25 30 460 75 Required a) Using the FIFO cost method, calculate the cost of goods sold for September. Show calculations. b) Using the moving average cost method, calculate the ending inventory at September 30. Show calculations and use unrounded numbers in your calculations but round to the nearest cent for presentation purposes in your
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