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Provide cost of goods sold and ending inventory for below exercises (Winsor uses the perpetual method and Washington Bottom Company uses the periodic method). Show
Provide cost of goods sold and ending inventory for below exercises (Winsor uses the perpetual method and Washington Bottom Company uses the periodic method). Show work for FIFO, LIFO & Average for both exercises. Perpetual method for Winsor Company Winsor Company uses the perpetual inventory system and the LIFO method. The following information is available for the month of May: May 1 Beginning inventory 10 Purchase 15 Sales 18 Purchase 21 Sales 30 Purchase 20 units @ $5 20 units @ $8 15 units 10 units @ $9 15 units 10 units @ $10 Instructions Prepare a schedule to show cost of goods sold and the value of the ending inventory for the month of May. Periodic method for Washington Company Washington Bottom Company reports the following for the month of June. Units Unit Cost Total Cost $5 $1,500 June 1 Inventory 300 12 Purchase 450 23 Purchase 750 30 Inventory 180 Instructions 68 2,700 6,000 (a) Compute the cost of the ending inventory and the cost of goods sold under (1) FIFO, (2) LIFO, and average-cost method
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