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For the next 3 questions, please use the following information: Connect has been selling cellular phones for the last five years. Its best-selling model is
For the next 3 questions, please use the following information: Connect has been selling cellular phones for the last five years. Its best-selling model is the E- PHONE, and costs have been falling quickly recently (although selling prices to Connect's customers are stable). The following information pertains to the E-PHONE inventory for August 2019: Unit cost $50 Opening inventory Purchase 1 Sale 1 Purchase 2 Sale 2 Ending inventory Units 4.000 2,400 (1,800) 4,400 (4,200 4,800 Question 5 If Connect uses the FIFO method under a periodic inventory system, what would be the cost of ending inventory for August 2019? If Connect uses the weighted average method under a periodic inventory system, what would be the cost of goods sold for August 2019? If Connect uses the weighted average method under a perpetual inventory system, what would be the cost of ending inventory for August 2019
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