Question 2

Ayayai Corporation uses a perpetual inventory system. On November 19, the company sold 640 units. The following additional information is available:

		Units			Unit Cost			Total Cost
Nov. 1 inventory		280			$11			$3,080
Nov. 15 purchase		490			16			7,840
Nov. 23 purchase		440			18			7,920
		1,210						$18,840

Calculate the November 30 inventory and the November cost of goods sold, using the moving average cost formula. (Round unit cost to 2 decimal places, e.g. 52.75 and final answers to 0 decimal places. e.g. 5,275.)

Cost of Goods Sold		$
Ending Inventory		$

Calculate the November 30 inventory and the November cost of goods sold, using the FIFO cost formula.

Cost of Goods Sold		$
Ending Inventory		$