Quiz is Intermediate Accounting 1

Wilman Retailers supplies living room furniture to businesses in the Province of Saskatchewan. The following transactions occurred for Wilmans chairs during the month of February 2021:

Date

Transaction

Quantity

Cost per Unit/Selling Price per Unit

February 1

Beginning inventory

157

$130

February 17

Sale

84

$265

February 22

Purchase

55

$133

February 27

Sale

34

$265

Required:

Calculate the cost of goods sold for Wilman Retailers for February 2021, assuming the company uses a perpetual inventory system and the moving-average cost method. (4 marks) Calculate the cost of ending inventory at February 28, 2021, assuming the company uses a periodic inventory system and the first-in, first-out (FIFO) inventory method. (3 marks)