Question
Jackson Company provided the following data about its inventory for the month of April. Use this information for the questions below. Date Transaction April 1
Jackson Company provided the following data about its inventory for the month of April. Use this information for the questions below.
Date | Transaction |
April 1 | Beginning inventory 300 units at $10 |
April 2 | Sold 200 units at $24 |
April 3 | Purchased 800 units at $12 |
April 14 | Sold 500 units at $24 |
April 20 | Purchased 500 units at $13 |
April 30 | Sold 300 units at $25 |
Assume Jackson uses the periodic system of inventory. Calculate ending inventory and cost of goods sold using FIFO, LIFO, and weighted-average cost method. (Hint: First determine the number of units remaining in ending inventory.)
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