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Question 1) Huang provides the following information relating to its July inventory activity. Huang uses a perpetual inventory system. Date Transaction Units Unit Cost Total
Question 1) Huang provides the following information relating to its July inventory activity. Huang uses a perpetual inventory system.
| Date | Transaction | Units | Unit Cost
| Total Cost |
| 1st | Inventory | 13 | $8 | $104 |
| 7th | Purchase | 22 | $9.50 | $209 |
| 12th | Sale | 20 |
|
|
| 18th | Purchase | 10 | $10.25 | $102.50 |
| 20th | Sale | 14 |
|
|
| 26th | Purchase | 16 | $11 | 176 |
| 30th | Sale | 15 |
|
|
- Calculate the ending inventory and cost of sales using the FIFO, LIFO & moving average costing method. Round dollar amounts to the nearest cent.
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