Question
Beginning Inventory March 10 purchased 290 units 205 units March 20 sold 370 units ABC Company has the following sales, inventory, and purchases during
Beginning Inventory March 10 purchased 290 units 205 units March 20 sold 370 units ABC Company has the following sales, inventory, and purchases during the fiscal year ended December 31, 2020. ABC Company used a perpetual inventory system. $ 82/unit $ 86/unit $162/unit @ @ April 30 purchased 281 units @ $ 80/units July 5 purchased 255 units @ $ 66/unit September 15 sold 510 units $162/unit 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 schedule for the entire year. FIFO Moving Weighted Average Method Sales Cost of Goods Sold Gross Profit
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