Company uses a perpetual inventory system. Calculate the following Assignment Page 1: Name Calculate the value of cost of goods sold for each sale and ending inventory for the month, using the FIFO method for the following dates a) COGS in 7-May b) COGS in 27-May c) Ending inventory on 27-May a) COGS in 7-May b) COGS in 27-May = c) Ending inventory on 27-May = d) Create the journal entry (Sold on Account) for the sale on May 7 Calculate the value of cost of goods sold for each sale and ending inventory for the month, using the AVERAGE method for the following dates a) COGS in 7-May b) COGS in 27-May c) Ending inventory on 27-May \begin{tabular}{|c|c|c|c|c|c|c|c|c|c|c|} \hline \multicolumn{3}{|c|}{ Purchases } & \multicolumn{3}{c|}{ Sales } & \multicolumn{3}{c|}{ Inventory } \\ \hline & Units & Unit Cost & Total Cost & Units & Unit Cost & COGS & Units & Unit Cost & Total Cost \\ \hline & & & & & & & & & & \\ \hline & & & & & & & & & & \\ \hline & & & & & & & & & & \\ \hline \end{tabular} ANSWER a) COGS in 7-May = b) COGSin 27-May = c) Ending inventory on 27-May = d) Create the journal entry (Sold for CASH) for the sale on May 27 Assignment Question 2 Company uses a perpetual inventory system. Calculate the following Calculate the value of cost of goods sold for each sale and ending inventory for the month, using the FIFO method for the following dates a) COGS in 8-Jun b) COGS in 29-Jun c) Ending inventory on 29-Jun ANSWER a) COGS in 8-Jun = b) COGS in 29-Jun c) Ending inventory on 29-Jun = d) Create the journal entry (Sold on Account) for the sale on June 8th Calculate the value of cost of goods sold for each sale and ending inventory for the month, using the AVERAGE method for the following dates a) COGS in 8-Jun b) COGS in 29-Jun c) Ending inventory on 29-Jun \begin{tabular}{|c|c|c|c|c|c|c|c|c|c|c|} \hline \multicolumn{4}{|c|}{ Purchases } & \multicolumn{3}{c|}{ Sales } & \multicolumn{3}{c|}{ Inventory } \\ \hline & Units & Unit Cost & Total Cost & Units & Unit Cost & COGS & Units & Unit Cost & Total Cost \\ \hline & & & & & & & & & \\ \hline & & & & & & & & & & \\ \hline \end{tabular} ANSWER a) COGSin 8-Jun = b) COGS in 29-Jun c) Ending inventory on 29-Jun = d) Create the journal entry (Sold for CASH) for the sale on June 29th