Question
Beginning inventory, purchases and sales data for the month of August are as follows: August 1 Beginning Inventory 10 units @ $25 August 5 Sale
Beginning inventory, purchases and sales data for the month of August are as follows:
August 1 | Beginning Inventory | 10 units @ $25 |
August 5 | Sale | 5 units |
August 10 | Purchase | 18 units @ $27 |
August 12 | Sale | 13 units |
August 27 | Purchase | 10 units @ $30
|
Assuming the business maintains a perpetual inventory system, calculate the Cost of Goods Sold and the Ending Inventory using:
a. FIFO: Cost of Goods Sold:_______________________________
Ending Inventory Cost:____________________________
b. LIFO: Cost of Goods Sold:_______________________________
Ending Inventory Cost:____________________________
c. Weighted Average:
Cost of Goods Sold:_____________________________
Ending Inventory:________________________________
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