Problem $2$

Cortez Corporation sells Item A as part of its product line. Information as to balances on hand,

purchases, and sales of Item A are given in the following table for the first six months of $2020.$

Required:

Compute the ending inventory and cost of goods sold under each of the following inventory

methods:

$($a$)$ Perpetual FIFO $($first$-$in$,$ first$-$out$).$

$($b$)$ Perpetual LIFO $($last$-$in$,$ first$-$out$).$

$($c$)$ Perpetual moving average.