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Jones Enterprises's cat treats product line has the following inventory transaction history. The company uses the Weighted Average method under the perpetual approach to cost
Jones Enterprises's cat treats product line has the following inventory transaction history. The company uses the Weighted Average method under the perpetual approach to cost inventory. Date Transaction Units S/Unit Oct 1 Opening Bal 100 $ 65.70 Oct 8 Purchase 30 S 71.05 Oct 10 Sale 100 ??? Oct 15 Purchase 109 S 54.14 Oct 25 Sale 45 ??? REQUIRED: Determine the Cost of Goods Sold for the month of October and the ending Inventory balance for the month. What if the business changed to the First- In, First Out method? What would be the value of the ending inventory in that case? Make sure you show all your work. (10 marks)
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