Exercise 6-4 Alternative cost flow assumptions- Perpetual inventory system L02

Sport Box sells a wide variety of sporting equipment. The following is information on the purchases and sales of their top selling hockey stick. The Hockey stick sells for $130.

	Description	Units	Units Cost
Mar 1	Beginning Inventory	5	$30
Mar 3	Purchase	50	$35
Mar 6	Purchase	100	$40
Mar 17	Sales	45
Mar 23	Purchase	30	$40
Mar 31	Sales	120

Required:

Calculate the cost of goods sold and ending inventory under the perpetual inventory system using

FIFO

Moving weighted average. Round all unit costs to two decimal places and round all other numbers to the nearest dollar