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Indigo Ltd. (IL) is a retailer of office equipment. The company uses a periodic inventory system and on October 1 had 1,900 units of inventory
Indigo Ltd. (IL) is a retailer of office equipment. The company uses a periodic inventory system and on October 1 had 1,900 units of inventory with a total cost of $38,000. During the month of October, It had the following inventory-related transactions: Calculate ending inventory at October 31 and cost of goods sold for the month assuming that IL used (1) FIFO and (2) average cost. (Round average cost per unit to 2 decimal places, e.g. 20.25 and all other answers to 0 decimal places, es. 5,275.)
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