Question
During August, BP Company sold 850 units of Product G. The beginning inventory and purchases during the month are below. Assignment Template attached below. August
During August, BP Company sold 850 units of Product G. The beginning inventory and purchases during the month are below. Assignment Template attached below. August 1 Beginning Inventory Balance 150 units @ $2.00 August 5 Purchase 300 units @ $2.50 August 10 Purchase 200 units @ $2.75 August 25 Purchase 250 units @ $2.80 August 30 Purchase 100 units @ $2.80 The following sales were made during August. August 4 Sales 130 units @ $10 August 6 Sales 300 units @ $10 August 13 Sales 180 units @ $10 August 28 Sales 240 units @ $10 Required: Using the perpetual inventory system, compute the following amounts. Place your answers in the template provided below. Compute the total units available for sale. Compute the total cost of the units available for sale. Compute the cost of goods sold using the FIFO method. Compute the ending inventory using the FIFO method. Compute the cost of goods sold using the LIFO method. Compute the ending inventory using the LIFO method. Compute the cost of goods sold using the moving average method, round both total dollars and dollars per unit to the nearest cent. Compute the ending inventory using the moving average method, round both total dollars and dollars per unit to the nearest cent. For each method, what numbers do you get when you add the cost of goods sold and ending inventory together for both units and dollars?
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