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Background: During its first year of operations, Quirky Comics has purchased all of its inventory in 3 separate batches. Batch 1 was for 4,000 units
Background: During its first year of operations, Quirky Comics has purchased all of its inventory in 3 separate batches. Batch 1 was for 4,000 units at $4.25 per unit. Batch 2 was for 2,000 units at $4.50 per unit. Batch 3 was for 3,000 units at $4.75 per unit. 4,000 units in total were sold, 3,000 units after the first purchase and 1,000 units after the second purchase. What are the amounts of ending inventory and cost of goods sold using FIFO - Assuming periodic method Weighted Average Cost - Assuming periodic method LIFO-Assuming periodic method FIFO - Assuming perpetual method Weighted Average Cost - Assuming perpetual method LIFO-Assuming perpetual method
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