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Please answer the wrong answers Inventory Costing Methods-Perpetual Method The Gleem Sales Corporation uses the perpetual inventory system. On January 1, 2015, Gleem had 2,600
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Inventory Costing Methods-Perpetual Method The Gleem Sales Corporation uses the perpetual inventory system. On January 1, 2015, Gleem had 2,600 units of product B with a unit cost of $40 per unit. A summary of purchases and sales during 2015 follows: Unit Units Units Cost Purchased Sold an. 3 Mar. 8 $44 June 13 Sept.19 46 Nov.23 48 Dec.28 1,600 3,000 2,000 800 1,200 1,800 Required a. Assume that Gleem uses the first-in, first-out method. Compute the cost of goods sold for 2015 and the ending inventory balance at December 31, 2015, for product B. b. Assume that Gleem uses the last-in, first-out method. Compute the cost of goods sold for 2015 and the ending inventory balance at December 31, 2015, for product B c. Assume that Gleem uses the weighted-average cost method. Compute the cost of goods sold for 2015 and the ending inventory balance at December 31, 2015, for product B. Do not round until your final answers. Round to the nearest dollar. a. First-ln, First-Out Ending Inventory 103 200 V Cost of goods Sold 227,200 b. Last-In, First-Out $237,200 X Ending Inventory Cost of Goods Sold 93,200 X c. Weighted Average s231,180 x Ending Inventory S $99,220 X Cost of Goods SoldStep by Step Solution
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