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Matchett Manufacturing Ltd. (MML) uses a periodic inventory system and had the following inventory transactions during the month of October: Units Unit Cost Total Cost
Matchett Manufacturing Ltd. (MML) uses a periodic inventory system and had the following inventory transactions during the month of October: Units Unit Cost Total Cost Oct. 1 Beginning inventory 2,000 $18.00 $36,000 Oct. 3 Purchased 3,000 $20.00 $60,000 Oct. 7 Sold 2,600 Oct. 15 Sold 1,900 Oct. 23 Purchased 3,000 $22.00 $66,000 Oct. 29 Sold 3,300 Oct. 31 Purchased 1,800 $20.50 $36,900 Required a. Determine MML's cost of goods available for sale. b. Calculate the cost of goods sold and ending inventory as at October 31 using a periodic inventory system and the following cost formulas: i. FIFO ii. weighted-average
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