Question
Calculate COGS and ending inventory for a perpetual inventory system using the following detail: Date Description Units Unit Cost Total Cost Feb 2 Beginning Bal
Calculate COGS and ending inventory for a perpetual inventory system using the following detail:
| Date | Description | Units | Unit Cost | Total Cost |
| Feb 2 | Beginning Bal | 200 | $3 | $ 600 |
| Feb 4 | Purchase | 100 | $5 | 500 |
| Feb 7 | Purchase | 300 | $4 | 1,200 |
| Feb 8 | Sale | 500 |
|
|
| Feb 10 | Purchase | 300 | $5 | 1,500 |
| Feb 12 | Sale | 300 |
|
|
| Feb 15 | Purchase | 1,000 | $2 | 2,000 |
| Feb 20 | Sale | 500 |
|
|
| Feb 28 | Purchase | 1,000 | $3 | 3,000 |
FIFO:
LIFO:
Weighted Average:
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started
Operational Guidelines For Postmortem Examinations And Auditing
Authors: O.P. Murty, O.P Murty
1st Edition
8123924437, 978-8123924434
