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Question 6 (27 marks) ABC Company has the following inventory and purchases during the fiscal year ended December 31, 2020 ABC Company has two sales
Question 6 (27 marks) ABC Company has the following inventory and purchases during the fiscal year ended December 31, 2020 ABC Company has two sales during the period. The specific units sold are the entire beginning inventory, 20 units from the Jan 10 purchase, and 15 units from the Oct 5 purchase. The units have a selling price of $75.00 per unit. Feb 28 Oct 31 55units30units REQUIRED: 1. Calculate cost of goods available for sale and units available for sale (5 marks). 2. Calculate units remaining in ending inventory ( 2 mark). 3. Assuming a PERPETUAL SYSTEM, calculate the dollar value of ending inventory using the following methods (20 marks). (a) FIFO method (b) Moving Weighted Average (c) LIFO Method (d) Specific Identification Method
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