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ABC Company has the following sales, inventory, and purchases during the fiscal year ended December 31, 2020. ABC Company used a perpetual inventory system.
ABC Company has the following sales, inventory, and purchases during the fiscal year ended December 31, 2020. ABC Company used a perpetual inventory system. Description Units Unit Cost January 1Beginning Inventory 290 $ 82 March 10 purchased March 20 sold April 30 purchased July 5 purchased September 15 sold 205 $ 87 370 281 $ 80 255 $ 65 510 Sales price per unit is $162 Required 1. Calculate the dollar value of ending inventory and cost of goods sold using a. FIFO b. Moving Weighted Average Method. Round all unit costs to two decimal places. (Show your calculations on 11 columns worksheet) 2. Using your calculations from part 1, complete the following table for the entire year. FIFO Moving Weighted Average Method Sales Cost of Goods Sold Gross Profit
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