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On December 31, 2020, The Golfing Company provided the following information for one of its top-selling golf bags. Round numbers to two (2) decimal
On December 31, 2020, The Golfing Company provided the following information for one of its top-selling golf bags. Round numbers to two (2) decimal places. The Golfing Company uses a perpetual inventory system. Use either the Moving Weighted Average or FIFO method of costing inventory to demonstrate the answers. A table is inserted at the end of this question to enter your answers. Round to two decimal places. a. Determine ending inventory December 31, 2020. b. Determine total cost of goods sold for December, 2020. Date Dec 1 Dec 5 Transaction Units Unit Cost Beginning Inventory Sale Dec 12 Purchase Dec 16 Sale Dec 19 Purchase Dec 22 Sale 55 225 26 $197 12 65 $210 50 38 $215
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