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Sales (at retail) Use the following information to answer questions 7 - 9: Date Purchases (at cost) July 3 20 units @ $5 July 10
Sales (at retail) Use the following information to answer questions 7 - 9: Date Purchases (at cost) July 3 20 units @ $5 July 10 40 units @ $6 July 11 July 22 30 units @ $7 July 29 20 Units @ $20 10 Units @ $15 Of the 20 units sold on July 11", 15 were from the July 3rd purchase and 5 from the July 10 purchase. The 10 units sold on July 29th were from the July 22nd purchase. 7. Compute ending inventory and cost of goods sold using the FIFO method. 8. Compute ending inventory and cost of goods sold using the LIFO method. 9. Compute ending inventory and cost of goods sold using the weighted average method. Beginning Inventory for June 2020 100 units purchased for $5 each. Purchases during June were as follows: June 15 100 units @ $6 June 20 200 units @ $7 There were two sales during June: June 10 40 units sold for $56 June 25 200 units sold for $75 Calculate Ending Inventory and cost of Goods Sold using the FIFO Method of costing inventories. Calculate Ending Inventory and cost of Goods Sold using the LIFO Method of costing inventories
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