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Acme has the following information about its periodic inventory for the month of November Units Unit Cost Total Cost Beginning inventory 140 $10 $1,400
Acme has the following information about its periodic inventory for the month of November Units Unit Cost Total Cost Beginning inventory 140 $10 $1,400 Purchase 1 340 9 3,060 Purchase 2 30 7 210 Purchase 3 290 7 2.030 Totals 800 $6,700 Acme sold 300 units during the month at a selling price of $15 per unit and Acme also had sales returns and allowances of $400 during the month. Required: Calculate the following amounts and enter your answer in the space provided (a) The dollar value of ENDING INVENTORY using FIFO (b) The dollar value of COST OF GOODS SOLD using WEIGHTED AVERAGE COST
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