Question
Patty Inc. sells one product, with information for June as follows: June 1 Inventory 55 units at $15 each June 2 Purchase 60 units at
Patty Inc. sells one product, with information for June as follows:
June 1 Inventory 55 units at $15 each
June 2 Purchase 60 units at $16
June 4 Sale 100 units
June 11 Purchase 40 units at $17 each
Required:
- Calculate Ending Inventory and Cost of Goods Sold using the periodic FIFO method
- Calculate Ending Inventory and Cost of Goods Sold using moving average method using the perpetual method.
SHOW ALL CALCULATIONS
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Fundamental accounting principle
Authors: John J. Wild, Ken W. Shaw, Barbara Chiappetta
21st edition
1259119831, 9781259311703, 978-1259119835, 1259311708, 978-0078025587
