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Assume a Watercrest Sports outlet store began October with 47 pairs of running shoes that cost the store $38 each. The sale price of these
\Assume a Watercrest Sports outlet store began October with 47 pairs of running shoes that cost the store $38 each. The sale price of these shoes was $67. During October, the store completed these inventory transactions: Units Unit Cost Unit Sale Price Oct 2 Sale ............. 19 $38 $67 9 Purchase...... 83 40 13 Sale 28 38 67 18 Sale 10 40 68 22 Sale 34 40 68 29 Purchase...... 24 42 Compute COGS and ending inventory assuming each of the following three costing methods. 1) Average cost method. Round a) the average cost to the nearest cent and b) COGS and ending inventory to the nearest dollar. 2) FIFO 3) LIFO
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