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Crazy Cats Cafs inventory (for one item) activity for April is shown below. Crazy Cats Caf use a perpetual inventory system: Date Transaction Units Unit

Crazy Cats Cafs inventory (for one item) activity for April is shown below.

Crazy Cats Caf use a perpetual inventory system:

Date

Transaction

Units

Unit cost

1 April

Beginning inventory

13

$39

7 April

Purchase

44

$34

9 April

Sale

33

14 April

Purchase

51

$35

30 April

Sale

26

Required

Calculate the ending inventory and cost of each sale under the FIFO method.

[5 marks]

Calculate the ending inventory and cost of each sale under the weighted average method.

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