Question
Assume that Sweet Company has the following transactions in its first month of operations. Date Purchases Sold Balance Feb. 1 2,200 @ $3.50 2,200 units
Assume that Sweet Company has the following transactions in its first month of operations. Date Purchases Sold Balance Feb. 1 2,200 @ $3.50 2,200 units Feb. 10 6,000 @ $3.85 8,200 units Feb. 21 3,600 units 4,600 units Feb. 28 2,000 @ $4.25 6,600 units Sweet uses a perpetual inventory system. (a) Compute cost of goods sold and ending inventory at February 28, assuming Sweet uses the FIFO cost flow assumption. Cost of goods sold $ Ending inventory $ (b) Compute cost of goods sold and ending inventory at February 28, assuming that Sweet uses the LIFO cost flow assumption. Cost of goods sold $ Ending inventory $ (c) The parts of this question must be completed in order. This part will be available when you complete the part above.
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