Saunder Company uses the perpetual inventory system. The following information is available for the month of May:

May 1 Beginning inventory 5 units @ $8

10 Purchase 20 units @ $12

15 Sales 15 units

18 Purchase 10 units @ $14

21 Sales 9 units

Required:

1. Using FIFO method of inventory, calculate the ending inventory balance and the cost of goods sold for March. 8 marks
2. Required: Using the moving weighted average, calculate the ending inventory balance and the cost of goods sold for March (round up to the nearest cent) 8 marks

Received

Sold

Balance

Date

Qty

Cost

Amt

Qty

Cost

Amt

Qty

Cost

Amt