Question 2 Inventory
Northgate Products Corp. sells gadgets and uses the perpetual inventory system. During the month of June 2023, the number of gadgets purchased and sold was as follows:
	Purchased			Sold				Balance in inventory
Date	Units	Unit cost	Total $	Units		Unit cost	Total $	Units	Unit cost	Total $
June. 1								100	$1
3	500	$4
8	500	$6
10				200
15	400	$7
20				500
27	400	$7
Units were sold for the following amount:
	June 10		$11
	June 20		$12
Required: Note: USE Excel for linking the numbers and use formulas in Excel for any calculations.
1	Complete the applicable inventory record card, and calculate cost of goods sold and the cost of ending inventory under each of the following inventory cost flow assumptions:
	a. FIFO (see sheet Q2 Req 1a FIFO)
	b. Weighted average (see sheet Q2 Req 1b WeightAvg)
2	Prepare the journal entries required to record purchases and sales using the FIFO inventory cost flow assumption. Descriptions are not necessary. (see sheet Q2 Req 2)

Instructions - Complete the below chart for Weighted Average. Note: USE Excel for linking the numbers and use formulas in Excel for any calculations.
	Goods Purchased			Cost of Goods Sold			Balance in Inventory
Date	Units	Unit Cost	Total $	Units	Unit Cost	Total $	Units	Unit Cost	Total $
June. 1							100	$1	$100
3	500	$4	$2,000
8	500	$6	$3,000
10
				200
15	400	$7
20
				500
27	400	$7
	Total COGS

Instructions - Complete the below chart for FIFO. Note: USE Excel for linking the numbers and use formulas in Excel for any calculations.
	Goods Purchased			Cost of Goods Sold			Balance in Inventory
Date	Units	Unit Cost	Total $	Units	Unit Cost	Total $	Units	Unit Cost	Total $
June. 1							100	$1
3	500	$4
8	500	$6
10
				200
15	400	$7
20
				500
27	400	$7
	Total COGS