Compute the cost of the ending inventory and the cost of goods sold under (1) FIFO and (2) LIFO.

Compute the cost of the ending inventory and the cost of goods sold using the moving average method.

Exercise 195 a-b Tipp Topp Company, which uses the perpetual system, reports the following for the month of June. Units Unit Cost Total Cost June 1 Inventory 300 $5.00 $1,500 6.00 2,700 7.60 5,700 12 Purchase 450 23 Purchase 750 500 units were sold on June 15, and 840 units were sold on June 25. Compute the cost of the ending inventory and the cost of goods sold under (1) FIFO and (2) LIFO. Cost of goods sold Ending inventory (1) FIFO (2) LIFO SHOW ANSWER Compute the cost of the ending inventory and the cost of goods sold using the moving average method. Cost of goods sold Ending inventory