Question
Patty Inc. sells one product, with information for June as follows: June 1 Inventory 55 units at $25 each June 2 Purchase 45 units at
Patty Inc. sells one product, with information for June as follows:
June 1 Inventory 55 units at $25 each June 2 Purchase 45 units at $26 June 4 Sale 80 units June 11 Purchase 110 units at $27 each June 20 Purchase 130 units at $25.50 each June 27 Sale 155 units
Required: a. Calculate Ending Inventory and Cost of Goods Sold using the FIFO method under the PERIODIC method.
b. Calculate Ending Inventory and Cost of Goods Sold using weighted average method under the PERIODIC method. c. Calculate Ending Inventory and Cost of Goods Sold using moving average method under the PERPETUAL method.
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