Question 5

Pronghorn Corporation uses a perpetual inventory system. On November 19, the company sold 610 units. The following additional information is available:

		Units			Unit Cost			Total Cost
Nov. 1 inventory		330			$12			$3,960
Nov. 15 purchase		480			14			6,720
Nov. 23 purchase		360			16			5,760
		1,170						$16,440

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		$