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Crater Sports is a merchandising company that recorded the following information for the month of February 2020. Date Activity/Transaction 03-Feb-21 06-Feb-21 10-Feb-21 11-Feb-21 14-Feb-21 20-Feb-21
Crater Sports is a merchandising company that recorded the following information for the month of February 2020. Date Activity/Transaction 03-Feb-21 06-Feb-21 10-Feb-21 11-Feb-21 14-Feb-21 20-Feb-21 28-Feb-21 Purchased 30 golf shirts at $30 per shirt Sold 40 golf shirts at $50 per shirt Ordered 40 golf shirts costing $32 each Received the above order of 40 shirts Purchased 60 golf shirts at $28 per shirt Sold 48 golf shirts at $50 per shirt Sold 34 golf shirts at $48 per shirt Crater started the month with a stock of 20 golf shirts valued at $26 per shirt. Required: 1. Compute the number of golf shirts (1) available for sale during the month of February and (2) remaining in inventory at the end of the month. 2 marks 2. Compute the cost of goods sold during the month and the value of ending inventory at the end of the month using the FIFO and weighted average methods of inventory costing, 10 marks Til th: 1310
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