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ABC Co. sells shirts that are popular with youth. Information relating to ABC purchases and sales of shirts during November are as follows: Date
ABC Co. sells shirts that are popular with youth. Information relating to ABC purchases and sales of shirts during November are as follows: Date Explanation Units Unit cost Total Costs Nov.1 Beginning Inventory 25 $1,100 $27,500 Nov.12 Purchase 20 1,000 20,000 Nov15 Sales 30 Nov.24 Purchase 20 1,040 20,800 Nov.25 Purchase 25 1,050 26,250 Nov.30 Sales 50 Instructions: Compute the costs of goods sold and the ending inventory using FIFO and Weighted Average methods on November 30.
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