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Fulbright Corp. uses the perpetual inventory system. During its first month of operations, Fulbright made the following purchases: January 3, 2020: 40 units at $100
Fulbright Corp. uses the perpetual inventory system. During its first month of operations, Fulbright made the following purchases:
January 3, 2020: 40 units at $100 per unit
January 14, 2020: 70 units at $80 per unit
January 26, 2020: 170 units at $60 per unit
Sales for the year were:
January 10, 2020: 25 units
January 17, 2020: 50 units
January 27, 2020: 55 units
Required: Calculate COGS and Ending Inventory using Average cost
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